2.12 Tax Deductions for Charitable Donations

Tax Deductions for Charitable Donations

• Standard Deduction:

  • No deduction for cash donations if claiming the standard deduction.

• Itemized Deductions:

  • If claiming itemized deductions (e.g., home mortgage interest, property taxes), you can deduct cash and non-cash donations to qualified charities.
  • Remember to save your receipts.