This form is a sample letter in Word format covering the subject matter of the title of the form.
Charitable Donation Form For Taxes In Virginia
Category:
State:
Multi-State
Control #:
US-0018LR
Format:
Word;
Rich Text
Instant download
Description
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FAQ
Taxpayers may deduct charitable donations of up to 60% of their adjusted gross incomes. In order to deduct charitable contributions, the recipient charity must be a qualified organization in the eyes of the IRS. The Virginia Academy is a 501(c)(3) nonprofit organization as part of the Leesburg Pike Community Church.
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.
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.
ResidenceState/Local Individual Income Tax?State/Local Charitable Tax Benefit California YES YES Colorado YES YES Connecticut YES NO Delaware YES YES26 more rows
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.
For individuals, the minimum donation is $500. The maximum donation for individuals and married couples is $125,000. There is no minimum or maximum limit for any business entity. Individuals can use the tax credits against their Virginia personal income tax liability.
