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| *Loan,banking and credit>>>income tax |
Should I report my $50 donation to charity on my income taxes? |
This is all I have donated but I am also claiming interest paid on loans, if this even matters. Yes. You can decuct your donations to charity, and are ENCOURAGED claim every thing you can get... unless you want to donate more to the government. But, I'm shure you have a need for the monies that can be saved. You have the right to many deductions. The IRS and FTB both have web sites to go to... your questions can be answered there. Check with your parents or relatives... they also have to do the same thing. Source(s): IRS.gov FTB.gov yes yes you should but be warned that the IRS is requiring to show a receipt if your audited. Yes. It won't be much, but it will lower your taxable income by that amount. It can't hurt...... Assuming that you have enough total itemized deductions to make itemizing worth while, you can claim donations to qualified charitable organizations. The only interest you can deduct is home mortgage interest and interest on loans to purchase income-producing securities. Interest on credit cards, car loans and personal loans is not deductible. |
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