IRS TAX TIP 2001-12
WASHINGTON -- When preparing to
file your 2000 federal tax return, don't forget your contributions
to charitable organizations. Your donations can add up to a
nice tax deduction if you itemize on IRS Form 1040, Schedule A.
Here are a few tips to help make
sure your contributions pay off on your tax return.
To be deductible, contributions
must be made to qualified organizations. Organizations can tell
you if they are qualified and if donations to them are deductible.
The IRS Web site at www.irs.gov
also has an Exempt Organization search
feature to help you see if an organization is qualified.
If your contributions entitle you
to merchandise, goods, or services, including admission to a
charity ball, banquet, theatrical performance, or sporting event,
you can deduct only the amount that exceeds the fair market value
of the benefit received.
For a contribution of $250 or more,
you can claim a deduction only if you obtain a written
acknowledgment from the qualified organization. Generally, you can
deduct your cash contributions, as well as the fair market value
of any property you donate, to qualified organizations.
If you have questions about the
deductibility of charitable contributions, call the IRS at
1-800-829-1040 or look on the IRS Web site at www.irs.gov.
Publication 526 <http://ftp.fedworld.gov/pub/irs-pdf/p526.pdf>,
"Charitable Contributions," and Publication
"Determining the Value of Donated Property," are
available on the Web site or by calling 1-800-829-3676.
News Releases And Fact Sheets