How do tax deductions and refunds work on chairities?
Would the tax deductions and refunds be 100% of the amount you donate to chairity? Sources?
What do you mean, itemize it?
Tags: tax deductions
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#1 written by Paul June 22nd, 2010 at 13:35
It is a fraction of what you donate. For example, I had a lot of base ball and basket ball cards in complete Series or close to it. I need to make space so I donated about three case of it to the salvation army. Each collection was worth from 15bucks to 100 or more depending on what card company makes them. So I check the becket for price of all the cards in sets that is, and it was over three thousand dollars. The worker taking in the donation gave me a receipts so I can use it as a tax deduction. At the end, I think I got like 200 bucks back from it. So basically, your not going to get all your money that you donate back.
#2 written by the tax lady June 22nd, 2010 at 13:35
If you already itemize and donate $100 to charity, you would see your tax bill go down by about $15 to $25.
If you do not itemize, it won’t change at all.