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Question by sayswho?: itemizing for tax deductible donations – eligible?
i read that in order to get the tax benefit of a non-profit charity donation,
“You need to be able to itemize. Giving to charity is a great tax organizing technique, but it only functions for people who are eligible to itemize their deductions.”
who are these people who are eligible to itemize? what would trigger 1 to not be able to and thus not get the benefit of this?
thanks in advance!
Greatest answer:
Answer by Steve D
Key deductions for folks who itemize incorporate interest on a mortgage, property taxes (and state/nearby revenue taxes), particular company deductions (i.e., work clothes, travel expenditures, etc.). If your deduction do not equal or exceed the normal deduction, there is no sense itemizing.
What do you believe? Answer below!
Comments are closed.
the kid Dec 11 2011 - 9:30 am
Everyone is eligible to itemize. However, it makes no sense to do so if your itemized deductions are less than the standard deduction, which is most often the case.
Mathew Dec 11 2011 - 10:07 am
Any tax filer is eligible to itemize their deductions if they wish. Itemizing requires proof of the deductions taken. The alternative is to use standard deduction which does not require any proof. Generally those who choose not to itemize have concluded that the standard deduction for their filing status is greater than the amount of all of the itemized deduction that they would be eligible to take such as charitable donations.*
rtfm Dec 11 2011 - 10:48 am
Anyone *can* itemize, but it doesn’t make financial sense unless the total of all your deductions adds up to more than the standard deduction that the IRS allows.
The standard deduction for a single person is $ 5700. If your deductions don’t add up to more than that, you’re better off not itemizing.
tro Dec 11 2011 - 11:48 am
you are eligible to itemize if you can claim the subjects on sch A that would exceed your standard deduction
Judy Dec 11 2011 - 12:40 pm
The IRS allows a “standard deduction” of $ 5700 – you can deduct this amount without listing or proving anything. You have a choice of that, or “itemizing” or listing your allowable deductions if you have more than that. If you don’t have that much, you are ahead to just take the standard deduction.