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How to Deduct Your Charitable Contribution

Charitable Contribution Deduction

When you fill out your 1040, you should be aware that the IRS allows you to deduct charitable contributions of cash or property you make to a tax-exempt organization during the year. However, there are some additional steps you need to take to calculate your charitable contribution deduction.

You should realize before you even make charitable contributions that a tax deduction is only permissible if you elect to itemize your expenses on Schedule A. However, you should never make the election just to deduct your donations without evaluating whether the standard deduction will save you more in federal income tax first. Instead, prepare a Schedule A to estimate what your total itemized deduction will be. Compare this amount to the standard deduction that you can claim for your filing status. If you conclude that the standard deduction will save you more in tax, you can always use your charitable donations on one of the next five tax returns you file.

Report Your Charitable Contribution on Schedule A

Once you decide to itemize your deductions, reporting your charitable deduction on Schedule A is easy since the IRS provides a separate section on it for all gifts you make to charity. However, the hard part is calculating how much to deduct when some of your charitable contributions include property donations. This is because you must estimate the fair market value of each piece of property you donate. For example, if you donate a bag of used clothing to the Salvation Army, you need to make a list of all items you donate and then see what the average price that thrift stores in your area charge customers for comparable clothing.

But regardless of the type of property you donate, the underlying concept is the same. The value you assess for all property must be the price that a buyer is willing to pay for the item. Once you estimate all property donation values, add the total to all of your cash donations to arrive at your charitable contribution deduction for the year.

Reference: IRS Publication 526-Charitable Contributions