Get 1995 Publication 526. Charitable Contributions

Charitable contributions must be claimed as itemized deductions on Schedule A of IRS Form 1040. For tax years 2023 and 2024, the limit on charitable cash contributions is 60% of the taxpayer's adjusted gross income. The IRS allows deductions for cash and non-cash donations based on annual rules and guidelines.

Starting with your 2022 return, taxpayers can no longer claim cash donations to charity while taking the standard deduction. This is a change from last year, where those married filing jointly were able to claim $600 in cash contributions and those filing single were able to claim $300 without itemizing.

Publication 526 (2022), Charitable Contributions | Internal Revenue Service.

IRS Publication 526, Charitable ContributionsPDF, provides information on making contributions to charities.

Summary. The amount of a charitable contribution of property is generally the property's fair market value at the time of the contribution, reduced by the amount of gain that would have resulted if the donor had sold the contributed property for its fair market value at the time of the contribution.

A charitable donation is a gift of cash or property made to a nonprofit organization to help it accomplish its goals, for which the donor receives nothing of value in return.

Use QCDs to manage your required minimum distributions from an IRA. A qualified charitable distribution (QCD) allows individuals who are 70½ years old or older to donate up to $100,000 total to one or more charities directly from a taxable IRA instead of taking their required minimum distributions.

Per IRS Publication 526 Charitable Contributions, page 2: A charitable contribution is a donation or gift to, or for the use of, a qualified organization. It is voluntary and is made without getting, or expecting to get, anything of equal value.