J.K. Lasser's 1001 Deductions and Tax Breaks 2022, 2nd Edition

CHAPTER 6Charitable Giving

1. Cash Donations
2. Appreciated Property Donations
3. Used Clothing and Car Donations
4. Intellectual Property Donations
5. Real Estate Donated for Conservation Purposes
6. Bargain Sales
7. Volunteer Expenses
8. Tickets to Fund‐Raisers, Raffles, and Sporting Events
9. Membership Fees to Nonprofit Organizations
10. Student Exchange Program
11. Donor‐Advised Funds
12. Sophisticated Charitable Giving Arrangements
13. IRA Transfers to Charity
14. Leave‐Based Donation Programs
15. Record Keeper for Your Charitable Giving

Americans are very generous people. Aside from the good feeling you get from following your philanthropic nature, the tax laws reward you for making donations. Americans donated $471.44 billion to charities in 2020 (according to estimates by Giving USA 2021) and about 25% did volunteer work for charities.

This chapter covers the basic rules for claiming charitable contribution deductions, including the limits on different types of contributions and the substantiation required to support the deductions. This chapter also contains a record keeper that you can use to track your cash contributions throughout the year.

For more information, see IRS Publication 526, Charitable Contributions; IRS Publication 561, Determining the Value of Donated Property; IRS Publication 1771, Charitable Contributions—Substantiation and Disclosure Requirements; IRS Publication 3833, Disaster Relief: Providing Assistance through Charitable Organizations; and IRS Publication 4303, A Donor's Guide to Vehicle Donations ...