percent limitation applies to (1) all public charities (code PC),
(2) all private operating foundations (code POF), (3) certain private foundations that distribute the
contributions they receive to public charities and private operating
foundations within 2-1/2 months following the year receipt, and (4) certain
private foundations the contributions to which are pooled in a common fund
and the income and corpus of which are paid to public charities.The 30 percent limitation applies to
private foundations (code PF), other than those previously mentioned that
qualify for a 50 percent limitation, and to other organizations described in
section 170(c) that do not qualify for the 50 percent limitation, such as
domestic fraternal societies (code LODGE).
A special limitation applies to certain gifts of
long-term capital gain property.
The organizations listed in this publication with
foreign addresses are generally not foreign organizations but are
domestically formed organizations carrying on activities in foreign
countries. These organizations are treated the same as any other domestic
organization with regard to deductibility limitations.Certain organizations with Canadian
addresses listed may be foreign organizations to which contributions are
deductible only because of tax treaty. For these organizations, in addition
to the limitations on the amount of the deduction allowed by section 170 of
the Code, the deduction may not exceed the amount allowed as a deduction
under Canadian law computed as though the taxable income (in the case of a
corporation) or adjusted gross income (in the case of an individual) from
sources in Canada is the aggregate income. Other than this,
contributions to a foreign organization are not deductible.
Charitable contributions are deductible on your
Schedule A itemized deductions. For charitable contributions to be deductible,
they must be made to qualified organizations. Don't be fooled, not all
organizations are qualified organizations. Some organizations look legit,
but you should ask for proof before making your donations to them if you
want to be able to deduct it with the IRS.
If your contribution entitles you to merchandise,
goods, or services, including admission to a charity ball,
banquet, theatrical performance, or sporting event, you can
deduct only the amount that exceeds the fair market value of the
benefit received.You must fill out Form 8283, and attach it to
your return, if your deduction for a noncash contribution is
more than $500. If you claim a deduction for a contribution of
noncash property worth more than $5,000, you will need a
qualified appraisal of the noncash property and must fill out
Form 8283, Section B.
For a contribution of cash, check, or other
monetary gift (regardless of amount), you must maintain as a
record of the contribution a bank record or a written
communication from the qualified organization containing the
name of the organization, the date and amount of contribution. In addition to deducting your cash contributions,
you generally can deduct the fair market value of any other
property you donate to qualified organizations.
For any contribution of $250 or more (including
contributions of cash or property), you must obtain and keep in
your records a contemporaneous written acknowledgment from the
qualified organization indicating the amount of the cash and a
description of any property contributed. The acknowledgment must
say whether the organization provided any goods or services in exchange for
the gift and, if so, must provide a description and a good faith estimate of
the value of those goods or services.
