J.K. Lasser's Your Income Tax 2022

CHAPTER 14Charitable Contribution Deductions

You can help your favorite philanthropy and at the same time receive a tax benefit. If you claim the standard deduction on your 2021 return, you can deduct up to $300 of cash contributions, or $600 if you are married filing jointly (13.2). If you are able to itemize deductions (13.1), you receive a tax benefit by making contributions that are deductible within the rules of this chapter. The tax benefit from your donation depends on your marginal tax bracket. For example, if you are in the 24% tax bracket and itemize deductions, a donation of $1,000 reduces your taxes by $240.

For cash donations of any amount, your deduction will be disallowed if you do not have a canceled check or account statement, or a written receipt from the charity, to substantiate your contribution.

For donations of $250 or more, you must receive a written acknowledgment from the organization that indicates whether you received goods or services in return for your donation. You need the acknowledgment as well as a canceled check for a cash donation of $250 or more (14.14).

If you claim deductions for property valued at more than $500, you must substantiate the contribution on Form 8283 and attach it to Form 1040 or 1040-SR. If the value you claimed for the property exceeds $5,000, you generally must obtain a written appraisal (14.15).

If you donated a car (or other vehicle) valued at over $500, you also must attach Copy B of Form 1098-C to your return. Your ...