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Tax Benefits Of Charitable Giving: Turn Charitable Donations Into Tax Savings

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Executive Summary

Americans donate more than $300 billion annually to charities, and 75% percent of that total comes from individuals. In recognition of the value of this generosity, charitable giving is tax deductible. Claim the value of any items or property you donate. For new items, deduct the purchase price. For used items, you're limited to their fair market value, and the items have to be in good or useable condition. If the total value is more than $500, you have to file Form 8283. For donations worth more than $5,000, it's wise to get a qualified appraisal.

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