Some fraternal organizations, including war veterans groups (as opposed to service veterans groups),.Governments and governmental entities, including state-created civil defense organizations,.The most altruistic donations in the history of donations are not tax-deductible unless they go to: But in the income tax planning realm, intent is irrelevant.
Most of us use the donor’s intention to distinguish between gifts and non-gifts. The answer to this question is a resounding “no,” unless the direct crowdfunding recipient is a recognized charitable organization. 8 percent of some 250 million returns is a lot of returns. taxpayers itemize.Īre Crowdfunding Contributions Tax-Deductible?īut this question still stands. Some estimates have the proportion as low as 8 percent. For example, the heretofore limitless SALT (state and local taxes) deduction is capped at $10,000.Īs a result, most observers expect the number of taxpayers who itemize their deductions to plummet. Moreover, the TCJA did whittle away at some other deductions, making them less desirable. But it may have rendered it obsolete, at least in large part.īeginning in 2019, the standard deduction doubles for most taxpayers. The TCJA did not touch the charitable deduction section itself, as this provision is almost a sacred cow in the income tax realm. Then, the 2017 Tax Cut and Jobs Act radically changed the landscape. Under current rules, most taxpayers can deduct up to 50 percent of their adjusted gross incomes. The charitable donation deduction is one of the most popular ones in the Code.
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