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Charitable Donation Form For Taxes In Utah
Category:
State:
Multi-State
Control #:
US-0018LR
Format:
Word;
Rich Text
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Description
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FAQ
As mentioned above, to claim a charitable donation, you need to itemize your deductions using Form 1040, Schedule A as part of your tax preparation. Schedule A reports your itemized deductions, including charitable contributions. Fill out this form carefully to ensure accurate information about your donations.
Substantiation the amount you contributed; a description of any property you gave; a statement as to whether the charity provided services or goods (a meal or tickets, for example) as full or partial consideration for your donation, plus a description and good faith value estimate of the services or goods.
Not only can you deduct the fair market value of what you give from your income taxes, you can also minimize capital gains tax of up to 20 percent.
Generally, any nonprofit organization that promotes religious, literary, educational, scientific, humanitarian or other charitable causes will qualify. However, if the combined value of all property you donate is more than $500, you must prepare Form 8283 and attach it to your tax return.
How much can you deduct for the gently used goods you donate to Goodwill? The IRS allows you to deduct fair market value for gently-used items. The quality of the item when new and its age must be considered. The IRS requires an item to be in good condition or better to take a deduction.
You are required to provide this information regardless of the amount of the donation. If you are making a noncash charitable donation you will be required to complete Form 8283: Noncash Charitable Donations and attach it to your tax return if your noncash donation is greater than $500.
However, you should be able to provide a bank record (bank statement, credit card statement, canceled check or a payroll deduction record) to claim the tax deduction. Written records, like check registers or personal notations, from the donor aren't enough proof. The records should show the: Organization's name.
Individuals, partnerships, and corporations file Form 8283 to report information about noncash charitable contributions when the amount of their deduction for all noncash gifts is more than $500.
More info
Enter the total of your voluntary contributions from TC-40, page 3, Part 4. The contributions will add to your tax due or reduce your refund.TC-62N, TC-0062N, Utah Sales Tax Refund Booklet for Religious or Charitable Organizations, 2007-08-01, Aug 1, 2007, Sales, Form, Current. Enter the entity name and identifying number from the tax return where the noncash charitable contribution was originally reported, if different from above. This publication explains how individuals claim a deduction for charitable contributions. A tax receipt to record your donation is available here. Simply click on "Get Tax receipt" to download a copy to complete and keep for your records. Donors need a charitable gift receipt if they want to claim charitable donations on their tax return. Complete this form to request your donation tax receipt. The donor may be required to file IRS Form 8283 for their inkind donation to the university.
