The Woodward News

Local News

December 8, 2012

Charitable giving can give you relief at income tax time

(Continued)

Woodward, Okla. — DONATION OF PROPERTY ALSO ELIGIBLE FOR DEDUCTION

In addition to donations made in cash, by check or with a credit card, Stell said that taxpayers can also claim deductions for certain property donations.

Charitable property donations can be tax deductible "As long as the property is in good used condition or better," he said.  "Basically that just means you can't take a deduction for donating something that is unusable."

With property donations, like monetary contributions, all the same rules apply with the donation having to be made to a qualified charitable organization before Dec. 31 and you must get a receipt.

But whereas you can deduct 100 percent of the monetary donations you make, Stell said that with property donations you usually deduct the fair market value of the item or items you donated. However, special rules may apply for certain property.

For more information about the tax rules surrounding deductions for charitable donations, Stell said to consult IRS Publication 526.

"It is a great reference for issues concerning charitable contributions," he said.

To obtain a copy of Publication 526, Stell said you can "get it online at our website, irs.gov; it's free.  Or for those who don't have Internet access, which is becoming fewer and fewer, simply call 1-800-TAX-FORM (1-800-829-3676) and we'll mail a booklet out to them at no cost."

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