Charitable giving and what you can donate

Charitable giving and what you can donate

On Behalf of | Aug 14, 2022 | Charitable Giving

Each year, people from all walks of life give back by donating to various charities. If you plan on donating money in New York, there’s a certain set of guidelines to follow. Here’s more information about tax rules and what you can donate.

What can you donate to charity?

Most people consider giving money as the only to donate charitably. You can also claim non-cash charitable donations on your taxes. Keep in mind any donated item that’s worth over $250 will require a receipt for the IRS to verify.

Non-cash donations can include anything from toasters and appliances to entire properties. With that said, properties worth over $5,000 will require an official appraisal. It’s also possible to qualify for donations if you directly purchased items while doing volunteer work for a charitable organization.

What are the tax-related rules about charitable donations?

Before you start any charitable giving, especially for a tax break, make sure you’re meeting IRS requirements for allowed donations. Examples of charitable giving opportunities that meet these requirements are:

  • A church or other type of religious organization
  • An organization based in the United States dedicated to preventing animal or child-related cruelty
  • An organization dedicated to helping war veterans
  • Domestic fraternal societies
  • Trusts or foundations that operate for charitable purposes

As you can see, there are certain rules to follow if you want your donations helping you out during tax season. Generally speaking, it’s always smart to get a receipt whenever you donate non-cash items to a charity. This helps you get into the habit of keeping accurate records, which is always a major help when you’re working on your taxes.

Read More