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How to Deduct a Charitable Contribution

Charitable Contribution for Tax-Exempt

When you itemize deductions on Schedule A, the IRS allows you to claim a charitable deduction in the “Gifts to Charity” section of the form. But before you start calculating how much tax you will save with your charity donations, you need to make sure you satisfy some IRS requirements first.

If your motivation for donating your car, used clothing or even cash to charity is to take a charitable deduction, you must ensure that the charity you make the donation to is an IRS qualified organization. You can always check IRS Publication 78 to see if specific charities qualify, but generally the IRS requires the organization to apply for tax-exempt status and await approval before it can begin accepting your tax deductible donations. The IRS will only approve applications for organizations that are nonprofits and that solely operate to further a charitable, religious, educational or similar cause. However, rest assured that any donation you make to a church, synagogue or other religious organization is automatically tax-exempt since the IRS doesn’t requires these types of organizations to submit a formal application.

Charitable Donations Are Deductible for Up to Six Years

It goes without saying that you must actually make the donation in order to claim the tax deduction for it. However, if you are unable to deduct all of contributions in the year you make the donations, you can use the remaining amounts over the next five tax years. There are various reasons why you may be unable to claim the entire deduction, such as claiming other deductions that already reduce your taxable income to zero, not earning sufficient gross income to warrant the filing of a tax return and less commonly, if the total of all your charitable donations during the year exceed the 50-percent adjusted gross income (AGI) limitation the IRS imposes. You need to make a lot of donations to exceed this limitation, but the IRS will disallow a deduction for the portion of your annual donations that exceed 50 percent of your AGI.

Reference: IRS Publication 78-Search for Charities (Online Version)