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Tax Deductions for Cash Contributions

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Part of the video series: Tax Deduction Tips

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Summary: Did you contribute to charities this year? Find out how to file cash contribution tax deductions in this free video clip about tax deductible items.

Views: 480 | Tags: online, service, help, filing, internal, forms, files, taxes, tax, deductions, deductibles, ira, revenue

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About the Expert

Tom Choisnet Tom Choisnet was born, raised, and educated in San
Bernardino, California where he has his practice today. He has been in self-employed tax practice fo... read more

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Video Transcript

Tax Deductions for Cash Contributions

Hi, I'm Tom Choisnet, enrolled agent, and I separated "non-cash contributions" in my discussion about contributions here because I wanted to bring to focus some interesting things. Contributions can include the value of the recyclables that you put out on the curb in those blue barrels, because they do wind up at the city, and the city recycles the money that they get from those recyclables into the General Fund. Further, regarding non-cash contributions, they have modified the law to where the clothing that you donate, the items that you give, must be in good, usable condition. So you can't use the "Goodwill bag" as a way of getting rid of the worn out clothing. I hope this has helped you a little bit, and gives you a chance to reflect on some of the extra things that you might just be able to deduct as "non-cash contributions". Thank you.

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