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How much money do you have to donate to receive a tax break on your taxes?
2 Answers
- Bostonian In MOLv 71 decade agoFavorite Answer
If it's your only itemized deduction, you'd have to donate more than your standard deduction amount. If you're a single taxpayer, that's $5,350 for 2007. Only the amounts above that would be of any benefit for you.
- JudyLv 71 decade ago
It isn't how much you have to donate, it's what your total itemized deductions add up to. If they aren't more than the standard deduction for your filing status, you won't get any tax benefit from the donation.
