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Charitable Contributions
For those who are required to take a minimum required distribution (“RMD”) from an IRA, charitable donations may be the answer. An individual can offset the tax liability from an RMD by making a qualified charitable donation if he does not need the cash at the time of the distribution. If an individual takes the...
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The IRS lays out specific requirements and qualifications in order to properly take the charitable contribution deduction. For taxpayers, including individuals, partnerships, and corporations who want to take a deduction for noncash charitable contributions over $500, they must file Form 8283. Form 8283 should accompany the taxpayer’s return for the year they contributed the property...
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Can I deduct contributions to charities?  What charitable contributions are deductible?  These are common questions an individual taxpayer may ask their tax accountant or tax attorney.  The article below has been drafted by a Denver tax attorney at The McGuire Law Firm to provide some information regarding charitable contributions.   Gifting to charities can be...
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