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itemizing for tax deductible donations - eligible?
i read that in order to get the tax benefit of a non-profit charity donation,
"You must be able to itemize. Giving to charity is a great tax planning strategy, but it only works for people who are eligible to itemize their deductions."
who are these people who are eligible to itemize? what would cause one to not be able to and thus not receive the benefit of this?
thanks in advance!
7 Answers
- MathewLv 71 decade agoFavorite Answer
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.*
- rtfmLv 71 decade ago
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.
- Steve DLv 71 decade ago
Major deductions for people who itemize include interest on a mortgage, property taxes (and state/local income taxes), certain business deductions (i.e., work clothes, travel expenses, etc.). If your deduction do not equal or exceed the standard deduction, there is no sense itemizing.
- SlickterpLv 71 decade ago
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.
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- JudyLv 71 decade ago
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.
- Anonymous4 years ago
No. maximum folk do no longer. It in undemanding terms makes financial sense to itemize if the completed of all your deductions provides as much as greater advantageous than the traditional deduction that the IRS helps all people to take without delay.
- troLv 71 decade ago
you are eligible to itemize if you can claim the subjects on sch A that would exceed your standard deduction