Welcome to the Newschoolers forums! You may read the forums as a guest, however you must be a registered member to post. Register to become a member today!
it doesnt have to be a charity to be a write off...
What is considered a gift?
Any transfer to an individual, either directly or indirectly, where full consideration (measured in money or money's worth) is not received in return.
What can be excluded from gifts?
The general rule is that any gift is a taxable gift. However, there are many exceptions to this rule. Generally, the following gifts are not taxable gifts.
In addition to this, gifts to qualifying charities are deductible from the value of the gift(s) made.
May I deduct gifts on my income tax return?
Making a gift or leaving your estate to your heirs does not ordinarily affect your federal income tax. You cannot deduct the value of gifts you make (other than gifts that are deductible charitable contributions). If you are not sure whether the gift tax or the estate tax applies to your situation, refer to
More info............ For tax deductable contributions
Make cash contributions to qualified organizations. Qualified organizations fall under one of five categories. These are war veterans' organizations, domestic fraternal associations under the lodge system, some nonprofit cemetary companies, the federal government or state entity/ US possession, and corporations/foundations organized and operated for any of these purposes: religious, educational, scientific, literary, charitable, or for the prevention of cruelty to children or animals.
