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Donating money and receiving money as a gift?
If you donate money to a charity or a public funded work like public television, what percentage of the donation is acceptable to receive back as a thank you gift?
1 Answer
- DON WLv 77 years ago
Do you mean for tax purposes? There's no set amount, but the charity must tell you, typically in the thank you letter, what amount of your gift counts as a charitable donation. It would be inappropriate for them to give you money back--that sounds like a scam. More common, however, is an item such as an umbrella with the station call letters, a special DVD, or a book related to one of their programs. The value of that gift is deducted from the tax value of your donation.
Like this:
"Thank you for your generous gift of $100 to public radio station KRRR. $50 of your gift may be deducted as a contribution on your federal tax return."
