Tax Tips: Deducting Charitable Donations

Are you generous with charitable donations?

FOX Business Network’s Gerri Willis has advice for you as we continue our series on “Tax Tips”:

Deducting your charitable gifts. I’m Gerri Willis with your FOX News Radio Tax Tip.

Giving to charity makes you feel good and it could also save you money at tax time. To take the tax break though, you’ll have to itemize deductions. If you give cash, hold on to the bank statement; cancel check or credit card receipt. For gifts over $250, keep the written acknowledgement of your gift from the charity.

Rich Coppa, Managing Director of Wealth Health says giving your stuff is trickier:?

(Coppa) “Clothing or household items and the value’s over $500, you need to file a form 82-83. Identify those products; come up with a fair market value. And the fair market has to represent good and usable household items or clothing.”

Make sure the charity you give to qualifies as legit. You can deduct donations to your church and vets organizations or an educational group, but not social clubs or politicians.

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I’m Gerri Willis with the FOX Business Network.