Frazer LLP Blog

Charitable Deductions

May 9, 2018 7:00:00 AM / by Jamie Fortin, CPA posted in deductions, Charitable Donations, tax bill

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When planning your donations for 2018, be sure you know how much you’re allowed to deduct. Your deduction depends on more than just the actual amount you donate.

Type of gift

One of the biggest factors affecting your deduction is what you give:

Cash. You may deduct 100% gifts made by check, credit card or payroll deduction.

Ordinary-income property. For stocks and bonds held one year or less, inventory, and property subject to depreciation recapture, you generally may deduct only the lesser of fair market value or your tax basis.

Long-term capital gains property. You may deduct the current fair market value of appreciated stocks and bonds held for more than one year.

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What is the tax deduction for donating a vehicle?

Jul 31, 2017 12:00:00 PM / by Cindy Lim, CPA posted in Tax, Charitable Donations

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All charitable donations aren’t created equal — some provide larger deductions than others. And it isn’t necessarily just how much or even what you donate that matters. How the charity uses your donation might also affect your deduction.

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Are all charitable donations created equal?

Mar 14, 2016 1:00:00 PM / by Nancy Chung, CPA posted in Tax, Charitable Donations

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When it comes to deducting charitable gifts, all donations are not created equal. As you file your 2015 return and plan your charitable giving for 2016, it’s important to keep in mind the available deduction:

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