Written by Kristalyn Shinn and Jennifer Chapdelaine
- Athletic donations to schools
- Auto contributions – need a letter from the organization
- Facebook giving and Gofundme – make sure they are a 501c3 if you want a deduction
Have you made charitable donations to find out later they were not deductible? Have an interest in making charitable donations but not sure where to start or if they are deductible? Have you found a Facebook or Gofundme donation that wins your heart over? We are here to provide some insights into determining if a charitable donation is deductible.
Tickets to college athletic events no longer have a charitable contribution deduction. Donations to college sports not conferring to rights to purchase season tickets are generally fully deductible. If you are a college sports fan and would like to contribute to the cause with a deductible donation, make sure any athletic donations are not tied to season tickets.
Donating a vehicle to charity may be of interest to some taxpayers. If a vehicle is donated to charity, donors may claim a deduction for the vehicle’s fair market value. One pitfall some taxpayers make when donating a vehicle is lacking the receipt of a timely acknowledgement from the charity of the value of the vehicle. This acknowledgement letter allows the taxpayer to claim the charitable deduction and provides documentation to the IRS upon audit.
Some taxpayers feel strongly about contributing to various charitable causes throughout the year. You may be scrolling through Facebook to find links to donate to a charity. Other times you may have a cause near to your heart that has created a GoFundMe page. Not all donations to organizations on Facebook or GoFundMe are deductible. When donating through Facebook or GoFundMe, find those organizations who have 501(c )(3) status. Only charitable contributions to 501(c )(3) organizations are tax deductible. On the contrary, donations to individuals through GoFundMe are not deductible. Watch out with charitable donations through Facebook or GoFundMe and look for the 501(c )(3) designation.
There are many ways to contribute to charitable organizations. The helpful tips above can identify and determine if your charitable donation is deductible and help to guide you to make qualified donations.
