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How To File A Tax Extension 2011

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How To File A Tax Extension 2011

How to file a tax extension 2011 24. How to file a tax extension 2011   Contributions Table of Contents Introduction Useful Items - You may want to see: Organizations That Qualify To Receive Deductible ContributionsTypes of Qualified Organizations Contributions You Can DeductContributions From Which You Benefit Expenses Paid for Student Living With You Out-of-Pocket Expenses in Giving Services Contributions You Cannot DeductContributions to Individuals Contributions to Nonqualified Organizations Contributions From Which You Benefit Value of Time or Services Personal Expenses Appraisal Fees Contributions of PropertyException. How to file a tax extension 2011 Household items. How to file a tax extension 2011 Deduction more than $500. How to file a tax extension 2011 Form 1098-C. How to file a tax extension 2011 Filing deadline approaching and still no Form 1098-C. How to file a tax extension 2011 Exception 1—vehicle used or improved by organization. How to file a tax extension 2011 Exception 2—vehicle given or sold to needy individual. How to file a tax extension 2011 Deduction $500 or less. How to file a tax extension 2011 Right to use property. How to file a tax extension 2011 Tangible personal property. How to file a tax extension 2011 Future interest. How to file a tax extension 2011 Determining Fair Market Value Giving Property That Has Decreased in Value Giving Property That Has Increased in Value When To DeductChecks. How to file a tax extension 2011 Text message. How to file a tax extension 2011 Credit card. How to file a tax extension 2011 Pay-by-phone account. How to file a tax extension 2011 Stock certificate. How to file a tax extension 2011 Promissory note. How to file a tax extension 2011 Option. How to file a tax extension 2011 Borrowed funds. How to file a tax extension 2011 Limits on DeductionsCarryovers Records To KeepCash Contributions Noncash Contributions Out-of-Pocket Expenses How To Report Introduction This chapter explains how to claim a deduction for your charitable contributions. How to file a tax extension 2011 It discusses the following topics. How to file a tax extension 2011 The types of organizations to which you can make deductible charitable contributions. How to file a tax extension 2011 The types of contributions you can deduct. How to file a tax extension 2011 How much you can deduct. How to file a tax extension 2011 What records you must keep. How to file a tax extension 2011 How to report your charitable contributions. How to file a tax extension 2011 A charitable contribution is a donation or gift to, or for the use of, a qualified organization. How to file a tax extension 2011 It is voluntary and is made without getting, or expecting to get, anything of equal value. How to file a tax extension 2011 Form 1040 required. How to file a tax extension 2011    To deduct a charitable contribution, you must file Form 1040 and itemize deductions on Schedule A. How to file a tax extension 2011 The amount of your deduction may be limited if certain rules and limits explained in this chapter apply to you. How to file a tax extension 2011 The limits are explained in detail in Publication 526. How to file a tax extension 2011 Useful Items - You may want to see: Publication 526 Charitable Contributions 561 Determining the Value of Donated Property Form (and Instructions) Schedule A (Form 1040) Itemized Deductions 8283 Noncash Charitable Contributions Organizations That Qualify To Receive Deductible Contributions You can deduct your contributions only if you make them to a qualified organization. How to file a tax extension 2011 Most organizations other than churches and governments must apply to the IRS to become a qualified organization. How to file a tax extension 2011 How to check whether an organization can receive deductible charitable contributions. How to file a tax extension 2011   You can ask any organization whether it is a qualified organization, and most will be able to tell you. How to file a tax extension 2011 Or go to IRS. How to file a tax extension 2011 gov. How to file a tax extension 2011 Click on “Tools” and then on “Exempt Organizations Select Check” (www. How to file a tax extension 2011 irs. How to file a tax extension 2011 gov/Charities-&-Non-Profits/Exempt-Organizations-Select-Check). How to file a tax extension 2011 This online tool will enable you to search for qualified organizations. How to file a tax extension 2011 You can also call the IRS to find out if an organization is qualified. How to file a tax extension 2011 Call 1-877-829-5500. How to file a tax extension 2011 People who are deaf, hard of hearing, or have a speech disability and who have access to TTY/TDD equipment can call 1-800-829-4059. How to file a tax extension 2011 Deaf or hard of hearing individuals can also contact the IRS through relay services such as the Federal Relay Service at www. How to file a tax extension 2011 gsa. How to file a tax extension 2011 gov/fedrelay. How to file a tax extension 2011 Types of Qualified Organizations Generally, only the following types of organizations can be qualified organizations. How to file a tax extension 2011 A community chest, corporation, trust, fund, or foundation organized or created in or under the laws of the United States, any state, the District of Columbia, or any possession of the United States (including Puerto Rico). How to file a tax extension 2011 It must, however, be organized and operated only for charitable, religious, scientific, literary, or educational purposes, or for the prevention of cruelty to children or animals. How to file a tax extension 2011 Certain organizations that foster national or international amateur sports competition also qualify. How to file a tax extension 2011 War veterans' organizations, including posts, auxiliaries, trusts, or foundations, organized in the United States or any of its possessions (including Puerto Rico). How to file a tax extension 2011 Domestic fraternal societies, orders, and associations operating under the lodge system. How to file a tax extension 2011 (Your contribution to this type of organization is deductible only if it is to be used solely for charitable, religious, scientific, literary, or educational purposes, or for the prevention of cruelty to children or animals. How to file a tax extension 2011 ) Certain nonprofit cemetery companies or corporations. How to file a tax extension 2011 (Your contribution to this type of organization is not deductible if it can be used for the care of a specific lot or mausoleum crypt. How to file a tax extension 2011 ) The United States or any state, the District of Columbia, a U. How to file a tax extension 2011 S. How to file a tax extension 2011 possession (including Puerto Rico), a political subdivision of a state or U. How to file a tax extension 2011 S. How to file a tax extension 2011 possession, or an Indian tribal government or any of its subdivisions that perform substantial government functions. How to file a tax extension 2011 (Your contribution to this type of organization is only deductible if it is to be used solely for public purposes. How to file a tax extension 2011 ) Examples. How to file a tax extension 2011    The following list gives some examples of qualified organizations. How to file a tax extension 2011 Churches, a convention or association of churches, temples, synagogues, mosques, and other religious organizations. How to file a tax extension 2011 Most nonprofit charitable organizations such as the American Red Cross and the United Way. How to file a tax extension 2011 Most nonprofit educational organizations, including the Boy Scouts of America, Girl Scouts of America, colleges, and museums. How to file a tax extension 2011 This also includes nonprofit daycare centers that provide childcare to the general public if substantially all the childcare is provided to enable parents and guardians to be gainfully employed. How to file a tax extension 2011 However, if your contribution is a substitute for tuition or other enrollment fee, it is not deductible as a charitable contribution, as explained later under Contributions You Cannot Deduct . How to file a tax extension 2011 Nonprofit hospitals and medical research organizations. How to file a tax extension 2011 Utility company emergency energy programs, if the utility company is an agent for a charitable organization that assists individuals with emergency energy needs. How to file a tax extension 2011 Nonprofit volunteer fire companies. How to file a tax extension 2011 Nonprofit organizations that develop and maintain public parks and recreation facilities. How to file a tax extension 2011 Civil defense organizations. How to file a tax extension 2011 Certain foreign charitable organizations. How to file a tax extension 2011   Under income tax treaties with Canada, Israel, and Mexico, you may be able to deduct contributions to certain Canadian, Israeli, or Mexican charitable organizations. How to file a tax extension 2011 Generally, you must have income from sources in that country. How to file a tax extension 2011 For additional information on the deduction of contributions to Canadian charities, see Publication 597, Information on the United States–Canada Income Tax Treaty. How to file a tax extension 2011 If you need more information on how to figure your contribution to Mexican and Israeli charities, see Publication 526. How to file a tax extension 2011 Contributions You Can Deduct Generally, you can deduct contributions of money or property you make to, or for the use of, a qualified organization. How to file a tax extension 2011 A contribution is “for the use of” a qualified organization when it is held in a legally enforceable trust for the qualified organization or in a similar legal arrangement. How to file a tax extension 2011 The contributions must be made to a qualified organization and not set aside for use by a specific person. How to file a tax extension 2011 If you give property to a qualified organization, you generally can deduct the fair market value of the property at the time of the contribution. How to file a tax extension 2011 See Contributions of Property , later in this chapter. How to file a tax extension 2011 Your deduction for charitable contributions generally cannot be more than 50% of your adjusted gross income (AGI), but in some cases 20% and 30% limits may apply. How to file a tax extension 2011 See Limits on Deductions , later. How to file a tax extension 2011 In addition, the total of your charitable contribution deduction and certain other itemized deductions may be limited. How to file a tax extension 2011 See chapter 29. How to file a tax extension 2011 Table 24-1 gives examples of contributions you can and cannot deduct. How to file a tax extension 2011 Contributions From Which You Benefit If you receive a benefit as a result of making a contribution to a qualified organization, you can deduct only the amount of your contribution that is more than the value of the benefit you receive. How to file a tax extension 2011 Also see Contributions From Which You Benefit under Contributions You Cannot Deduct, later. How to file a tax extension 2011 If you pay more than fair market value to a qualified organization for goods or services, the excess may be a charitable contribution. How to file a tax extension 2011 For the excess amount to qualify, you must pay it with the intent to make a charitable contribution. How to file a tax extension 2011 Example 1. How to file a tax extension 2011 You pay $65 for a ticket to a dinner-dance at a church. How to file a tax extension 2011 Your entire $65 payment goes to the church. How to file a tax extension 2011 The ticket to the dinner-dance has a fair market value of $25. How to file a tax extension 2011 When you buy your ticket, you know that its value is less than your payment. How to file a tax extension 2011 To figure the amount of your charitable contribution, subtract the value of the benefit you receive ($25) from your total payment ($65). How to file a tax extension 2011 You can deduct $40 as a contribution to the church. How to file a tax extension 2011 Example 2. How to file a tax extension 2011 At a fundraising auction conducted by a charity, you pay $600 for a week's stay at a beach house. How to file a tax extension 2011 The amount you pay is no more than the fair rental value. How to file a tax extension 2011 You have not made a deductible charitable contribution. How to file a tax extension 2011 Athletic events. How to file a tax extension 2011   If you make a payment to, or for the benefit of, a college or university and, as a result, you receive the right to buy tickets to an athletic event in the athletic stadium of the college or university, you can deduct 80% of the payment as a charitable contribution. How to file a tax extension 2011   If any part of your payment is for tickets (rather than the right to buy tickets), that part is not deductible. How to file a tax extension 2011 Subtract the price of the tickets from your payment. How to file a tax extension 2011 You can deduct 80% of the remaining amount as a charitable contribution. How to file a tax extension 2011 Example 1. How to file a tax extension 2011 You pay $300 a year for membership in a university's athletic scholarship program. How to file a tax extension 2011 The only benefit of membership is that you have the right to buy one season ticket for a seat in a designated area of the stadium at the university's home football games. How to file a tax extension 2011 You can deduct $240 (80% of $300) as a charitable contribution. How to file a tax extension 2011 Table 24-1. How to file a tax extension 2011 Examples of Charitable Contributions—A Quick Check Use the following lists for a quick check of whether you can deduct a contribution. How to file a tax extension 2011 See the rest of this chapter for more information and additional rules and limits that may apply. How to file a tax extension 2011 Deductible As  Charitable Contributions Not Deductible  As Charitable Contributions Money or property you give to:  Churches, synagogues, temples, mosques, and other religious organizations Federal, state, and local governments, if your contribution is solely for public purposes (for example, a gift to reduce the public debt or maintain a public park) Nonprofit schools and hospitals The Salvation Army, American Red Cross, CARE, Goodwill Industries, United Way, Boy Scouts of America, Girl Scouts of America, Boys and Girls Clubs of America, etc. How to file a tax extension 2011 War veterans groups   Expenses paid for a student living with you, sponsored by a qualified organization  Out-of-pocket expenses when you serve a qualified organization as a volunteer Money or property you give to:  Civic leagues, social and sports clubs, labor unions, and chambers of commerce Foreign organizations (except certain Canadian, Israeli, and Mexican charities) Groups that are run for personal profit Groups whose purpose is to lobby for law changes Homeowners' associations Individuals Political groups or candidates for public office   Cost of raffle, bingo, or lottery tickets  Dues, fees, or bills paid to country clubs, lodges, fraternal orders, or similar groups  Tuition  Value of your time or services  Value of blood given to a blood bank    Example 2. How to file a tax extension 2011 The facts are the same as in Example 1 except your $300 payment includes the purchase of one season ticket for the stated ticket price of $120. How to file a tax extension 2011 You must subtract the usual price of a ticket ($120) from your $300 payment. How to file a tax extension 2011 The result is $180. How to file a tax extension 2011 Your deductible charitable contribution is $144 (80% of $180). How to file a tax extension 2011 Charity benefit events. How to file a tax extension 2011   If you pay a qualified organization more than fair market value for the right to attend a charity ball, banquet, show, sporting event, or other benefit event, you can deduct only the amount that is more than the value of the privileges or other benefits you receive. How to file a tax extension 2011   If there is an established charge for the event, that charge is the value of your benefit. How to file a tax extension 2011 If there is no established charge, the reasonable value of the right to attend the event is the value of your benefit. How to file a tax extension 2011 Whether you use the tickets or other privileges has no effect on the amount you can deduct. How to file a tax extension 2011 However, if you return the ticket to the qualified organization for resale, you can deduct the entire amount you paid for the ticket. How to file a tax extension 2011    Even if the ticket or other evidence of payment indicates that the payment is a “contribution,” this does not mean you can deduct the entire amount. How to file a tax extension 2011 If the ticket shows the price of admission and the amount of the contribution, you can deduct the contribution amount. How to file a tax extension 2011 Example. How to file a tax extension 2011 You pay $40 to see a special showing of a movie for the benefit of a qualified organization. How to file a tax extension 2011 Printed on the ticket is “Contribution—$40. How to file a tax extension 2011 ” If the regular price for the movie is $8, your contribution is $32 ($40 payment − $8 regular price). How to file a tax extension 2011 Membership fees or dues. How to file a tax extension 2011    You may be able to deduct membership fees or dues you pay to a qualified organization. How to file a tax extension 2011 However, you can deduct only the amount that is more than the value of the benefits you receive. How to file a tax extension 2011    You cannot deduct dues, fees, or assessments paid to country clubs and other social organizations. How to file a tax extension 2011 They are not qualified organizations. How to file a tax extension 2011 Certain membership benefits can be disregarded. How to file a tax extension 2011   Both you and the organization can disregard the following membership benefits if you receive them in return for an annual payment of $75 or less. How to file a tax extension 2011 Any rights or privileges, other than those discussed under Athletic events , earlier, that you can use frequently while you are a member, such as: Free or discounted admission to the organization's facilities or events, Free or discounted parking, Preferred access to goods or services, and Discounts on the purchase of goods and services. How to file a tax extension 2011 Admission, while you are a member, to events open only to members of the organization, if the organization reasonably projects that the cost per person (excluding any allocated overhead) is not more than $10. How to file a tax extension 2011 20. How to file a tax extension 2011 Token items. How to file a tax extension 2011   You do not have to reduce your contribution by the value of any benefit you receive if both of the following are true. How to file a tax extension 2011 You receive only a small item or other benefit of token value. How to file a tax extension 2011 The qualified organization correctly determines that the value of the item or benefit you received is not substantial and informs you that you can deduct your payment in full. How to file a tax extension 2011 Written statement. How to file a tax extension 2011   A qualified organization must give you a written statement if you make a payment of more than $75 that is partly a contribution and partly for goods or services. How to file a tax extension 2011 The statement must say that you can deduct only the amount of your payment that is more than the value of the goods or services you received. How to file a tax extension 2011 It must also give you a good faith estimate of the value of those goods or services. How to file a tax extension 2011   The organization can give you the statement either when it solicits or when it receives the payment from you. How to file a tax extension 2011 Exception. How to file a tax extension 2011   An organization will not have to give you this statement if one of the following is true. How to file a tax extension 2011 The organization is: A governmental organization described in (5) under Types of Qualified Organizations , earlier, or An organization formed only for religious purposes, and the only benefit you receive is an intangible religious benefit (such as admission to a religious ceremony) that generally is not sold in commercial transactions outside the donative context. How to file a tax extension 2011 You receive only items whose value is not substantial as described under Token items , earlier. How to file a tax extension 2011 You receive only membership benefits that can be disregarded, as described earlier. How to file a tax extension 2011 Expenses Paid for Student Living With You You may be able to deduct some expenses of having a student live with you. How to file a tax extension 2011 You can deduct qualifying expenses for a foreign or American student who: Lives in your home under a written agreement between you and a qualified organization as part of a program of the organization to provide educational opportunities for the student, Is not your relative or dependent, and Is a full-time student in the twelfth or any lower grade at a school in the United States. How to file a tax extension 2011 You can deduct up to $50 a month for each full calendar month the student lives with you. How to file a tax extension 2011 Any month when conditions (1) through (3) are met for 15 days or more counts as a full month. How to file a tax extension 2011 For additional information, see Expenses Paid for Student Living With You in Publication 526. How to file a tax extension 2011 Mutual exchange program. How to file a tax extension 2011   You cannot deduct the costs of a foreign student living in your home under a mutual exchange program through which your child will live with a family in a foreign country. How to file a tax extension 2011 Table 24-2. How to file a tax extension 2011 Volunteers' Questions and Answers If you volunteer for a qualified organization, the following questions and answers may apply to you. How to file a tax extension 2011 All of the rules explained in this chapter also apply. How to file a tax extension 2011 See, in particular, Out-of-Pocket Expenses in Giving Services . How to file a tax extension 2011 Question Answer I volunteer 6 hours a week in the office of a qualified organization. How to file a tax extension 2011 The receptionist is paid $10 an hour for the same work. How to file a tax extension 2011 Can I deduct $60 a week for my time?    No, you cannot deduct the value of your time or services. How to file a tax extension 2011 The office is 30 miles from my home. How to file a tax extension 2011 Can I deduct any of my car expenses for these trips? Yes, you can deduct the costs of gas and oil that are directly related to getting to and from the place where you volunteer. How to file a tax extension 2011 If you don't want to figure your actual costs, you can deduct 14 cents for each mile. How to file a tax extension 2011 I volunteer as a Red Cross nurse's aide at a hospital. How to file a tax extension 2011 Can I deduct the cost of the uniforms I must wear? Yes, you can deduct the cost of buying and cleaning your uniforms if the hospital is a qualified organization, the uniforms are not suitable for everyday use, and you must wear them when volunteering. How to file a tax extension 2011 I pay a babysitter to watch my children while I volunteer for a qualified organization. How to file a tax extension 2011 Can I deduct these costs? No, you cannot deduct payments for childcare expenses as a charitable contribution, even if you would be unable to volunteer without childcare. How to file a tax extension 2011 (If you have childcare expenses so you can work for pay, see chapter 32. How to file a tax extension 2011 ) Out-of-Pocket Expenses in Giving Services Although you cannot deduct the value of your services given to a qualified organization, you may be able to deduct some amounts you pay in giving services to a qualified organization. How to file a tax extension 2011 The amounts must be: Unreimbursed, Directly connected with the services, Expenses you had only because of the services you gave, and Not personal, living, or family expenses. How to file a tax extension 2011 Table 24-2 contains questions and answers that apply to some individuals who volunteer their services. How to file a tax extension 2011 Conventions. How to file a tax extension 2011   If a qualified organization selects you to attend a convention as its representative, you can deduct unreimbursed expenses for travel, including reasonable amounts for meals and lodging, while away from home overnight in connection with the convention. How to file a tax extension 2011 However, see Travel , later. How to file a tax extension 2011   You cannot deduct personal expenses for sightseeing, fishing parties, theater tickets, or nightclubs. How to file a tax extension 2011 You also cannot deduct transportation, meals and lodging, and other expenses for your spouse or children. How to file a tax extension 2011    You cannot deduct your travel expenses in attending a church convention if you go only as a member of your church rather than as a chosen representative. How to file a tax extension 2011 You can, however, deduct unreimbursed expenses that are directly connected with giving services for your church during the convention. How to file a tax extension 2011 Uniforms. How to file a tax extension 2011   You can deduct the cost and upkeep of uniforms that are not suitable for everyday use and that you must wear while performing donated services for a charitable organization. How to file a tax extension 2011 Foster parents. How to file a tax extension 2011   You may be able to deduct as a charitable contribution some of the costs of being a foster parent (foster care provider) if you have no profit motive in providing the foster care and are not, in fact, making a profit. How to file a tax extension 2011 A qualified organization must select the individuals you take into your home for foster care. How to file a tax extension 2011    You can deduct expenses that meet both of the following requirements. How to file a tax extension 2011 They are unreimbursed out-of-pocket expenses to feed, clothe, and care for the foster child. How to file a tax extension 2011 They are incurred primarily to benefit the qualified organization. How to file a tax extension 2011   Unreimbursed expenses that you cannot deduct as charitable contributions may be considered support provided by you in determining whether you can claim the foster child as a dependent. How to file a tax extension 2011 For details, see chapter 3. How to file a tax extension 2011 Example. How to file a tax extension 2011 You cared for a foster child because you wanted to adopt her, not to benefit the agency that placed her in your home. How to file a tax extension 2011 Your unreimbursed expenses are not deductible as charitable contributions. How to file a tax extension 2011 Car expenses. How to file a tax extension 2011   You can deduct as a charitable contribution any unreimbursed out-of-pocket expenses, such as the cost of gas and oil, that are directly related to the use of your car in giving services to a charitable organization. How to file a tax extension 2011 You cannot deduct general repair and maintenance expenses, depreciation, registration fees, or the costs of tires or insurance. How to file a tax extension 2011    If you do not want to deduct your actual expenses, you can use a standard mileage rate of 14 cents a mile to figure your contribution. How to file a tax extension 2011   You can deduct parking fees and tolls whether you use your actual expenses or the standard mileage rate. How to file a tax extension 2011   You must keep reliable written records of your car expenses. How to file a tax extension 2011 For more information, see Car expenses under Records To Keep, later. How to file a tax extension 2011 Travel. How to file a tax extension 2011   Generally, you can claim a charitable contribution deduction for travel expenses necessarily incurred while you are away from home performing services for a charitable organization only if there is no significant element of personal pleasure, recreation, or vacation in the travel. How to file a tax extension 2011 This applies whether you pay the expenses directly or indirectly. How to file a tax extension 2011 You are paying the expenses indirectly if you make a payment to the charitable organization and the organization pays for your travel expenses. How to file a tax extension 2011   The deduction for travel expenses will not be denied simply because you enjoy providing services to the charitable organization. How to file a tax extension 2011 Even if you enjoy the trip, you can take a charitable contribution deduction for your travel expenses if you are on duty in a genuine and substantial sense throughout the trip. How to file a tax extension 2011 However, if you have only nominal duties, or if for significant parts of the trip you do not have any duties, you cannot deduct your travel expenses. How to file a tax extension 2011 Example 1. How to file a tax extension 2011 You are a troop leader for a tax-exempt youth group and you take the group on a camping trip. How to file a tax extension 2011 You are responsible for overseeing the setup of the camp and for providing adult supervision for other activities during the entire trip. How to file a tax extension 2011 You participate in the activities of the group and enjoy your time with them. How to file a tax extension 2011 You oversee the breaking of camp and you transport the group home. How to file a tax extension 2011 You can deduct your travel expenses. How to file a tax extension 2011 Example 2. How to file a tax extension 2011 You sail from one island to another and spend 8 hours a day counting whales and other forms of marine life. How to file a tax extension 2011 The project is sponsored by a charitable organization. How to file a tax extension 2011 In most circumstances, you cannot deduct your expenses. How to file a tax extension 2011 Example 3. How to file a tax extension 2011 You work for several hours each morning on an archaeological dig sponsored by a charitable organization. How to file a tax extension 2011 The rest of the day is free for recreation and sightseeing. How to file a tax extension 2011 You cannot take a charitable contribution deduction even though you work very hard during those few hours. How to file a tax extension 2011 Example 4. How to file a tax extension 2011 You spend the entire day attending a charitable organization's regional meeting as a chosen representative. How to file a tax extension 2011 In the evening you go to the theater. How to file a tax extension 2011 You can claim your travel expenses as charitable contributions, but you cannot claim the cost of your evening at the theater. How to file a tax extension 2011 Daily allowance (per diem). How to file a tax extension 2011   If you provide services for a charitable organization and receive a daily allowance to cover reasonable travel expenses, including meals and lodging while away from home overnight, you must include in income any part of the allowance that is more than your deductible travel expenses. How to file a tax extension 2011 You may be able to deduct any necessary travel expenses that are more than the allowance. How to file a tax extension 2011 Deductible travel expenses. How to file a tax extension 2011   These include: Air, rail, and bus transportation, Out-of-pocket expenses for your car, Taxi fares or other costs of transportation between the airport or station and your hotel, Lodging costs, and The cost of meals. How to file a tax extension 2011 Because these travel expenses are not business-related, they are not subject to the same limits as business-related expenses. How to file a tax extension 2011 For information on business travel expenses, see Travel Expenses in chapter 26. How to file a tax extension 2011 Contributions You Cannot Deduct There are some contributions you cannot deduct, such as those made to specific individuals and those made to nonqualified organizations. How to file a tax extension 2011 (See Contributions to Individuals and Contributions to Nonqualified Organizations , next. How to file a tax extension 2011 ) There are others you can deduct only part of, as discussed later under Contributions From Which You Benefit . How to file a tax extension 2011 Contributions to Individuals You cannot deduct contributions to specific individuals, including the following. How to file a tax extension 2011 Contributions to fraternal societies made for the purpose of paying medical or burial expenses of deceased members. How to file a tax extension 2011 Contributions to individuals who are needy or worthy. How to file a tax extension 2011 You cannot deduct these contributions even if you make them to a qualified organization for the benefit of a specific person. How to file a tax extension 2011 But you can deduct a contribution to a qualified organization that helps needy or worthy individuals if you do not indicate that your contribution is for a specific person. How to file a tax extension 2011 Example. How to file a tax extension 2011 You can deduct contributions to a qualified organization for flood relief, hurricane relief, or other disaster relief. How to file a tax extension 2011 However, you cannot deduct contributions earmarked for relief of a particular individual or family. How to file a tax extension 2011 Payments to a member of the clergy that can be spent as he or she wishes, such as for personal expenses. How to file a tax extension 2011 Expenses you paid for another person who provided services to a qualified organization. How to file a tax extension 2011 Example. How to file a tax extension 2011 Your son does missionary work. How to file a tax extension 2011 You pay his expenses. How to file a tax extension 2011 You cannot claim a deduction for your son's unreimbursed expenses related to his contribution of services. How to file a tax extension 2011 Payments to a hospital that are for a specific patient's care or for services for a specific patient. How to file a tax extension 2011 You cannot deduct these payments even if the hospital is operated by a city, a state, or other qualified organization. How to file a tax extension 2011 Contributions to Nonqualified Organizations You cannot deduct contributions to organizations that are not qualified to receive tax-deductible contributions, including the following. How to file a tax extension 2011 Certain state bar associations if: The bar is not a political subdivision of a state, The bar has private, as well as public, purposes, such as promoting the professional interests of members, and Your contribution is unrestricted and can be used for private purposes. How to file a tax extension 2011 Chambers of commerce and other business leagues or organizations (but see chapter 28). How to file a tax extension 2011 Civic leagues and associations. How to file a tax extension 2011 Communist organizations. How to file a tax extension 2011 Country clubs and other social clubs. How to file a tax extension 2011 Most foreign organizations (other than certain Canadian, Israeli, or Mexican charitable organizations). How to file a tax extension 2011 For details, see Publication 526. How to file a tax extension 2011 Homeowners' associations. How to file a tax extension 2011 Labor unions (but see chapter 28). How to file a tax extension 2011 Political organizations and candidates. How to file a tax extension 2011 Contributions From Which You Benefit If you receive or expect to receive a financial or economic benefit as a result of making a contribution to a qualified organization, you cannot deduct the part of the contribution that represents the value of the benefit you receive. How to file a tax extension 2011 See Contributions From Which You Benefit under Contributions You Can Deduct, earlier. How to file a tax extension 2011 These contributions include the following. How to file a tax extension 2011 Contributions for lobbying. How to file a tax extension 2011 This includes amounts that you earmark for use in, or in connection with, influencing specific legislation. How to file a tax extension 2011 Contributions to a retirement home for room, board, maintenance, or admittance. How to file a tax extension 2011 Also, if the amount of your contribution depends on the type or size of apartment you will occupy, it is not a charitable contribution. How to file a tax extension 2011 Costs of raffles, bingo, lottery, etc. How to file a tax extension 2011 You cannot deduct as a charitable contribution amounts you pay to buy raffle or lottery tickets or to play bingo or other games of chance. How to file a tax extension 2011 For information on how to report gambling winnings and losses, see Gambling winnings in chapter 12 and Gambling Losses Up to the Amount of Gambling Winnings in chapter 28. How to file a tax extension 2011 Dues to fraternal orders and similar groups. How to file a tax extension 2011 However, see Membership fees or dues , earlier, under Contributions You Can Deduct. How to file a tax extension 2011 Tuition, or amounts you pay instead of tuition. How to file a tax extension 2011 You cannot deduct as a charitable contribution amounts you pay as tuition even if you pay them for children to attend parochial schools or qualifying nonprofit daycare centers. How to file a tax extension 2011 You also cannot deduct any fixed amount you must pay in addition to, or instead of, tuition to enroll in a private school, even if it is designated as a “donation. How to file a tax extension 2011 ” Value of Time or Services You cannot deduct the value of your time or services, including: Blood donations to the American Red Cross or to blood banks, and The value of income lost while you work as an unpaid volunteer for a qualified organization. How to file a tax extension 2011 Personal Expenses You cannot deduct personal, living, or family expenses, such as the following items. How to file a tax extension 2011 The cost of meals you eat while you perform services for a qualified organization unless it is necessary for you to be away from home overnight while performing the services. How to file a tax extension 2011 Adoption expenses, including fees paid to an adoption agency and the costs of keeping a child in your home before adoption is final (but see Adoption Credit in chapter 37, and the instructions for Form 8839, Qualified Adoption Expenses). How to file a tax extension 2011 You also may be able to claim an exemption for the child. How to file a tax extension 2011 See Adopted child in chapter 3. How to file a tax extension 2011 Appraisal Fees You cannot deduct as a charitable contribution any fees you pay to find the fair market value of donated property (but see chapter 28). How to file a tax extension 2011 Contributions of Property If you contribute property to a qualified organization, the amount of your charitable contribution is generally the fair market value of the property at the time of the contribution. How to file a tax extension 2011 However, if the property has increased in value, you may have to make some adjustments to the amount of your deduction. How to file a tax extension 2011 See Giving Property That Has Increased in Value , later. How to file a tax extension 2011 For information about the records you must keep and the information you must furnish with your return if you donate property, see Records To Keep and How To Report , later. How to file a tax extension 2011 Clothing and household items. How to file a tax extension 2011   You cannot take a deduction for clothing or household items you donate unless the clothing or household items are in good used condition or better. How to file a tax extension 2011 Exception. How to file a tax extension 2011   You can take a deduction for a contribution of an item of clothing or household item that is not in good used condition or better if you deduct more than $500 for it and include a qualified appraisal of it with your return. How to file a tax extension 2011 Household items. How to file a tax extension 2011   Household items include: Furniture and furnishings, Electronics, Appliances, Linens, and Other similar items. How to file a tax extension 2011   Household items do not include: Food, Paintings, antiques, and other objects of art, Jewelry and gems, and Collections. How to file a tax extension 2011 Cars, boats, and airplanes. How to file a tax extension 2011    The following rules apply to any donation of a qualified vehicle. How to file a tax extension 2011 A qualified vehicle is: A car or any motor vehicle manufactured mainly for use on public streets, roads, and highways, A boat, or An airplane. How to file a tax extension 2011 Deduction more than $500. How to file a tax extension 2011   If you donate a qualified vehicle with a claimed fair market value of more than $500, you can deduct the smaller of: The gross proceeds from the sale of the vehicle by the organization, or The vehicle's fair market value on the date of the contribution. How to file a tax extension 2011 If the vehicle's fair market value was more than your cost or other basis, you may have to reduce the fair market value to figure the deductible amount, as described under Giving Property That Has Increased in Value , later. How to file a tax extension 2011 Form 1098-C. How to file a tax extension 2011   You must attach to your return Copy B of the Form 1098-C, Contributions of Motor Vehicles, Boats, and Airplanes, (or other statement containing the same information as Form 1098-C) you received from the organization. How to file a tax extension 2011 The Form 1098-C (or other statement) will show the gross proceeds from the sale of the vehicle. How to file a tax extension 2011   If you e-file your return, you must: Attach Copy B of Form 1098-C to Form 8453 and mail the forms to the IRS, or Include Copy B of Form 1098-C as a pdf attachment if your software program allows it. How to file a tax extension 2011   If you do not attach Form 1098-C (or other statement), you cannot deduct your contribution. How to file a tax extension 2011    You must get Form 1098-C (or other statement) within 30 days of the sale of the vehicle. How to file a tax extension 2011 But if exception 1 or 2 (described later) applies, you must get Form 1098-C (or other statement) within 30 days of your donation. How to file a tax extension 2011 Filing deadline approaching and still no Form 1098-C. How to file a tax extension 2011   If the filing deadline is approaching and you still do not have a Form 1098-C, you have two choices. How to file a tax extension 2011 Request an automatic 6-month extension of time to file your return. How to file a tax extension 2011 You can get this extension by filing Form 4868, Application for Automatic Extension of Time to File U. How to file a tax extension 2011 S. How to file a tax extension 2011 Individual Income Tax Return. How to file a tax extension 2011  For more information, see Automatic Extension in chapter 1. How to file a tax extension 2011 File the return on time without claiming the deduction for the qualified vehicle. How to file a tax extension 2011 After receiving the Form 1098-C, file an amended return, Form 1040X, claiming the deduction. How to file a tax extension 2011 Attach Copy B of Form 1098-C (or other statement) to the amended return. How to file a tax extension 2011 For more information about amended returns, see Amended Returns and Claims for Refund in chapter 1. How to file a tax extension 2011 Exceptions. How to file a tax extension 2011   There are two exceptions to the rules just described for deductions of more than $500. How to file a tax extension 2011 Exception 1—vehicle used or improved by organization. How to file a tax extension 2011   If the qualified organization makes a significant intervening use of or material improvement to the vehicle before transferring it, you generally can deduct the vehicle's fair market value at the time of the contribution. How to file a tax extension 2011 But if the vehicle's fair market value was more than your cost or other basis, you may have to reduce the fair market value to get the deductible amount, as described under Giving Property That Has Increased in Value , later. How to file a tax extension 2011 The Form 1098-C (or other statement) will show whether this exception applies. How to file a tax extension 2011 Exception 2—vehicle given or sold to needy individual. How to file a tax extension 2011   If the qualified organization will give the vehicle, or sell it for a price well below fair market value, to a needy individual to further the organization's charitable purpose, you generally can deduct the vehicle's fair market value at the time of the contribution. How to file a tax extension 2011 But if the vehicle's fair market value was more than your cost or other basis, you may have to reduce the fair market value to get the deductible amount, as described under Giving Property That Has Increased in Value , later. How to file a tax extension 2011 The Form 1098-C (or other statement) will show whether this exception applies. How to file a tax extension 2011   This exception does not apply if the organization sells the vehicle at auction. How to file a tax extension 2011 In that case, you cannot deduct the vehicle's fair market value. How to file a tax extension 2011 Example. How to file a tax extension 2011 Anita donates a used car to a qualified organization. How to file a tax extension 2011 She bought it 3 years ago for $9,000. How to file a tax extension 2011 A used car guide shows the fair market value for this type of car is $6,000. How to file a tax extension 2011 However, Anita gets a Form 1098-C from the organization showing the car was sold for $2,900. How to file a tax extension 2011 Neither exception 1 nor exception 2 applies. How to file a tax extension 2011 If Anita itemizes her deductions, she can deduct $2,900 for her donation. How to file a tax extension 2011 She must attach Form 1098-C and Form 8283 to her return. How to file a tax extension 2011 Deduction $500 or less. How to file a tax extension 2011   If the qualified organization sells the vehicle for $500 or less and exceptions 1 and 2 do not apply, you can deduct the smaller of: $500, or The vehicle's fair market value on the date of the contribution. How to file a tax extension 2011 But if the vehicle's fair market value was more than your cost or other basis, you may have to reduce the fair market value to get the deductible amount, as described under Giving Property That Has Increased in Value , later. How to file a tax extension 2011   If the vehicle's fair market value is at least $250 but not more than $500, you must have a written statement from the qualified organization acknowledging your donation. How to file a tax extension 2011 The statement must contain the information and meet the tests for an acknowledgment described under Deductions of At Least $250 But Not More Than $500 under Records To Keep, later. How to file a tax extension 2011 Partial interest in property. How to file a tax extension 2011   Generally, you cannot deduct a charitable contribution of less than your entire interest in property. How to file a tax extension 2011 Right to use property. How to file a tax extension 2011   A contribution of the right to use property is a contribution of less than your entire interest in that property and is not deductible. How to file a tax extension 2011 For exceptions and more information, see Partial Interest in Property Not in Trust in Publication 561. How to file a tax extension 2011 Future interests in tangible personal property. How to file a tax extension 2011   You cannot deduct the value of a charitable contribution of a future interest in tangible personal property until all intervening interests in and rights to the actual possession or enjoyment of the property have either expired or been turned over to someone other than yourself, a related person, or a related organization. How to file a tax extension 2011 Tangible personal property. How to file a tax extension 2011   This is any property, other than land or buildings, that can be seen or touched. How to file a tax extension 2011 It includes furniture, books, jewelry, paintings, and cars. How to file a tax extension 2011 Future interest. How to file a tax extension 2011   This is any interest that is to begin at some future time, regardless of whether it is designated as a future interest under state law. How to file a tax extension 2011 Determining Fair Market Value This section discusses general guidelines for determining the fair market value of various types of donated property. How to file a tax extension 2011 Publication 561 contains a more complete discussion. How to file a tax extension 2011 Fair market value is the price at which property would change hands between a willing buyer and a willing seller, neither having to buy or sell, and both having reasonable knowledge of all the relevant facts. How to file a tax extension 2011 Used clothing and household items. How to file a tax extension 2011   The fair market value of used clothing and household goods is usually far less than what you paid for them when they were new. How to file a tax extension 2011   For used clothing, you should claim as the value the price that buyers of used items actually pay in used clothing stores, such as consignment or thrift shops. How to file a tax extension 2011 See Household Goods in Publication 561 for information on the valuation of household goods, such as furniture, appliances, and linens. How to file a tax extension 2011 Example. How to file a tax extension 2011 Dawn Greene donated a coat to a thrift store operated by her church. How to file a tax extension 2011 She paid $300 for the coat 3 years ago. How to file a tax extension 2011 Similar coats in the thrift store sell for $50. How to file a tax extension 2011 The fair market value of the coat is $50. How to file a tax extension 2011 Dawn's donation is limited to $50. How to file a tax extension 2011 Cars, boats, and airplanes. How to file a tax extension 2011   If you contribute a car, boat, or airplane to a charitable organization, you must determine its fair market value. How to file a tax extension 2011 Certain commercial firms and trade organizations publish used car pricing guides, commonly called “blue books,” containing complete dealer sale prices or dealer average prices for recent model years. How to file a tax extension 2011 The guides may be published monthly or seasonally and for different regions of the country. How to file a tax extension 2011 These guides also provide estimates for adjusting for unusual equipment, unusual mileage, and physical condition. How to file a tax extension 2011 The prices are not “official” and these publications are not considered an appraisal of any specific donated property. How to file a tax extension 2011 But they do provide clues for making an appraisal and suggest relative prices for comparison with current sales and offerings in your area. How to file a tax extension 2011   You can also find used car pricing information on the Internet. How to file a tax extension 2011 Example. How to file a tax extension 2011 You donate a used car in poor condition to a local high school for use by students studying car repair. How to file a tax extension 2011 A used car guide shows the dealer retail value for this type of car in poor condition is $1,600. How to file a tax extension 2011 However, the guide shows the price for a private party sale of the car is only $750. How to file a tax extension 2011 The fair market value of the car is considered to be $750. How to file a tax extension 2011 Large quantities. How to file a tax extension 2011   If you contribute a large number of the same item, fair market value is the price at which comparable numbers of the item are being sold. How to file a tax extension 2011 Giving Property That Has Decreased in Value If you contribute property with a fair market value that is less than your basis in it, your deduction is limited to its fair market value. How to file a tax extension 2011 You cannot claim a deduction for the difference between the property's basis and its fair market value. How to file a tax extension 2011 Giving Property That Has Increased in Value If you contribute property with a fair market value that is more than your basis in it, you may have to reduce the fair market value by the amount of appreciation (increase in value) when you figure your deduction. How to file a tax extension 2011 Your basis in property is generally what you paid for it. How to file a tax extension 2011 See chapter 13 if you need more information about basis. How to file a tax extension 2011 Different rules apply to figuring your deduction, depending on whether the property is: Ordinary income property, or Capital gain property. How to file a tax extension 2011 Ordinary income property. How to file a tax extension 2011   Property is ordinary income property if you would have recognized ordinary income or short-term capital gain had you sold it at fair market value on the date it was contributed. How to file a tax extension 2011 Examples of ordinary income property are inventory, works of art created by the donor, manuscripts prepared by the donor, and capital assets (defined in chapter 14) held 1 year or less. How to file a tax extension 2011 Amount of deduction. How to file a tax extension 2011   The amount you can deduct for a contribution of ordinary income property is its fair market value minus the amount that would be ordinary income or short-term capital gain if you sold the property for its fair market value. How to file a tax extension 2011 Generally, this rule limits the deduction to your basis in the property. How to file a tax extension 2011 Example. How to file a tax extension 2011 You donate stock you held for 5 months to your church. How to file a tax extension 2011 The fair market value of the stock on the day you donate it is $1,000, but you paid only $800 (your basis). How to file a tax extension 2011 Because the $200 of appreciation would be short-term capital gain if you sold the stock, your deduction is limited to $800 (fair market value minus the appreciation). How to file a tax extension 2011 Capital gain property. How to file a tax extension 2011   Property is capital gain property if you would have recognized long-term capital gain had you sold it at fair market value on the date of the contribution. How to file a tax extension 2011 It includes capital assets held more than 1 year, as well as certain real property and depreciable property used in your trade or business and, generally, held more than 1 year. How to file a tax extension 2011 Amount of deduction — general rule. How to file a tax extension 2011   When figuring your deduction for a contribution of capital gain property, you generally can use the fair market value of the property. How to file a tax extension 2011 Exceptions. How to file a tax extension 2011   In certain situations, you must reduce the fair market value by any amount that would have been long-term capital gain if you had sold the property for its fair market value. How to file a tax extension 2011 Generally, this means reducing the fair market value to the property's cost or other basis. How to file a tax extension 2011 Bargain sales. How to file a tax extension 2011   A bargain sale of property is a sale or exchange for less than the property's fair market value. How to file a tax extension 2011 A bargain sale to a qualified organization is partly a charitable contribution and partly a sale or exchange. How to file a tax extension 2011 A bargain sale may result in a taxable gain. How to file a tax extension 2011 More information. How to file a tax extension 2011   For more information on donating appreciated property, see Giving Property That Has Increased in Value in Publication 526. How to file a tax extension 2011 When To Deduct You can deduct your contributions only in the year you actually make them in cash or other property (or in a later carryover year, as explained later under Carryovers ). How to file a tax extension 2011 This applies whether you use the cash or an accrual method of accounting. How to file a tax extension 2011 Time of making contribution. How to file a tax extension 2011   Usually, you make a contribution at the time of its unconditional delivery. How to file a tax extension 2011 Checks. How to file a tax extension 2011   A check you mail to a charity is considered delivered on the date you mail it. How to file a tax extension 2011 Text message. How to file a tax extension 2011   Contributions made by text message are deductible in the year you send the text message if the contribution is charged to your telephone or wireless account. How to file a tax extension 2011 Credit card. How to file a tax extension 2011    Contributions charged on your credit card are deductible in the year you make the charge. How to file a tax extension 2011 Pay-by-phone account. How to file a tax extension 2011    Contributions made through a pay-by-phone account are considered delivered on the date the financial institution pays the amount. How to file a tax extension 2011 Stock certificate. How to file a tax extension 2011   A properly endorsed stock certificate is considered delivered on the date of mailing or other delivery to the charity or to the charity's agent. How to file a tax extension 2011 However, if you give a stock certificate to your agent or to the issuing corporation for transfer to the name of the charity, your contribution is not delivered until the date the stock is transferred on the books of the corporation. How to file a tax extension 2011 Promissory note. How to file a tax extension 2011   If you issue and deliver a promissory note to a charity as a contribution, it is not a contribution until you make the note payments. How to file a tax extension 2011 Option. How to file a tax extension 2011    If you grant a charity an option to buy real property at a bargain price, it is not a contribution until the organization exercises the option. How to file a tax extension 2011 Borrowed funds. How to file a tax extension 2011   If you contribute borrowed funds, you can deduct the contribution in the year you deliver the funds to the charity, regardless of when you repay the loan. How to file a tax extension 2011 Limits on Deductions The amount you can deduct for charitable contributions cannot be more than 50% of your adjusted gross income (AGI). How to file a tax extension 2011 Your deduction may be further limited to 30% or 20% of your AGI, depending on the type of property you give and the type of organization you give it to. How to file a tax extension 2011 If your total contributions for the year are 20% or less of your AGI, these limits do not apply to you. How to file a tax extension 2011 The limits are discussed in detail under Limits on Deductions in Publication 526. How to file a tax extension 2011 A higher limit applies to certain qualified conservation contributions. How to file a tax extension 2011 See Publication 526 for details. How to file a tax extension 2011 Carryovers You can carry over any contributions you cannot deduct in the current year because they exceed your adjusted-gross-income limits. How to file a tax extension 2011 You can deduct the excess in each of the next 5 years until it is used up, but not beyond that time. How to file a tax extension 2011 For more information, see Carryovers in Publication 526. How to file a tax extension 2011 Records To Keep You must keep records to prove the amount of the contributions you make during the year. How to file a tax extension 2011 The kind of records you must keep depends on the amount of your contributions and whether they are: Cash contributions, Noncash contributions, or Out-of-pocket expenses when donating your services. How to file a tax extension 2011 Note. How to file a tax extension 2011 An organization generally must give you a written statement if it receives a payment from you that is more than $75 and is partly a contribution and partly for goods or services. How to file a tax extension 2011 (See Contributions From Which You Benefit under Contributions You Can Deduct, earlier. How to file a tax extension 2011 ) Keep the statement for your records. How to file a tax extension 2011 It may satisfy all or part of the recordkeeping requirements explained in the following discussions. How to file a tax extension 2011 Cash Contributions Cash contributions include those paid by cash, check, electronic funds transfer, debit card, credit card, or payroll deduction. How to file a tax extension 2011 You cannot deduct a cash contribution, regardless of the amount, unless you keep one of the following. How to file a tax extension 2011 A bank record that shows the name of the qualified organization, the date of the contribution, and the amount of the contribution. How to file a tax extension 2011 Bank records may include: A canceled check, A bank or credit union statement, or A credit card statement. How to file a tax extension 2011 A receipt (or a letter or other written communication) from the qualified organization showing the name of the organization, the date of the contribution, and the amount of the contribution. How to file a tax extension 2011 The payroll deduction records described next. How to file a tax extension 2011 Payroll deductions. How to file a tax extension 2011   If you make a contribution by payroll deduction, you must keep: A pay stub, Form W-2, or other document furnished by your employer that shows the date and amount of the contribution, and A pledge card or other document prepared by or for the qualified organization that shows the name of the organization. How to file a tax extension 2011 If your employer withheld $250 or more from a single paycheck, see Contributions of $250 or More , next. How to file a tax extension 2011 Contributions of $250 or More You can claim a deduction for a contribution of $250 or more only if you have an acknowledgment of your contribution from the qualified organization or certain payroll deduction records. How to file a tax extension 2011 If you made more than one contribution of $250 or more, you must have either a separate acknowledgment for each or one acknowledgment that lists each contribution and the date of each contribution and shows your total contributions. How to file a tax extension 2011 Amount of contribution. How to file a tax extension 2011   In figuring whether your contribution is $250 or more, do not combine separate contributions. How to file a tax extension 2011 For example, if you gave your church $25 each week, your weekly payments do not have to be combined. How to file a tax extension 2011 Each payment is a separate contribution. How to file a tax extension 2011   If contributions are made by payroll deduction, the deduction from each paycheck is treated as a separate contribution. How to file a tax extension 2011   If you made a payment that is partly for goods and services, as described earlier under Contributions From Which You Benefit , your contribution is the amount of the payment that is more than the value of the goods and services. How to file a tax extension 2011 Acknowledgment. How to file a tax extension 2011   The acknowledgment must meet these tests. How to file a tax extension 2011 It must be written. How to file a tax extension 2011 It must include: The amount of cash you contributed, Whether the qualified organization gave you any goods or services as a result of your contribution (other than certain token items and membership benefits), A description and good faith estimate of the value of any goods or services described in (b) (other than intangible religious benefits), and A statement that the only benefit you received was an intangible religious benefit, if that was the case. How to file a tax extension 2011 The acknowledgment does not need to describe or estimate the value of an intangible religious benefit. How to file a tax extension 2011 An intangible religious benefit is a benefit that generally is not sold in commercial transactions outside a donative (gift) context. How to file a tax extension 2011 An example is admission to a religious ceremony. How to file a tax extension 2011 You must get it on or before the earlier of: The date you file your return for the year you make the contribution, or The due date, including extensions, for filing the return. How to file a tax extension 2011   If the acknowledgment does not show the date of the contribution, you must also have a bank record or receipt, as described earlier, that does show the date of the contribution. How to file a tax extension 2011 If the acknowledgment shows the date of the contribution and meets the other tests just described, you do not need any other records. How to file a tax extension 2011 Payroll deductions. How to file a tax extension 2011   If you make a contribution by payroll deduction and your employer withholds $250 or more from a single paycheck, you must keep: A pay stub, Form W-2, or other document furnished by your employer that shows the amount withheld as a contribution, and A pledge card or other document prepared by or for the qualified organization that shows the name of the organization and states the organization does not provide goods or services in return for any contribution made to it by payroll deduction. How to file a tax extension 2011 A single pledge card may be kept for all contributions made by payroll deduction regardless of amount as long as it contains all the required information. How to file a tax extension 2011   If the pay stub, Form W-2, pledge card, or other document does not show the date of the contribution, you must have another document that does show the date of the contribution. How to file a tax extension 2011 If the pay stub, Form W-2, pledge card, or other document shows the date of the contribution, you do not need any other records except those just described in (1) and (2). How to file a tax extension 2011 Noncash Contributions For a contribution not made in cash, the records you must keep depend on whether your deduction for the contribution is: Less than $250, At least $250 but not more than $500, Over $500 but not more than $5,000, or Over $5,000. How to file a tax extension 2011 Amount of deduction. How to file a tax extension 2011   In figuring whether your deduction is $500 or more, combine your claimed deductions for all similar items of property donated to any charitable organization during the year. How to file a tax extension 2011   If you received goods or services in return, as described earlier in Contributions From Which You Benefit , reduce your contribution by the value of those goods or services. How to file a tax extension 2011 If you figure your deduction by reducing the fair market value of the donated property by its appreciation, as described earlier in Giving Property That Has Increased in Value , your contribution is the reduced amount. How to file a tax extension 2011 Deductions of Less Than $250 If you make any noncash contribution, you must get and keep a receipt from the charitable organization showing: The name of the charitable organization, The date and location of the charitable contribution, and A reasonably detailed description of the property. How to file a tax extension 2011 A letter or other written communication from the charitable organization acknowledging receipt of the contribution and containing the information in (1), (2), and (3) will serve as a receipt. How to file a tax extension 2011 You are not required to have a receipt where it is impractical to get one (for example, if you leave property at a charity's unattended drop site). How to file a tax extension 2011 Additional records. How to file a tax extension 2011   You must also keep reliable written records for each item of contributed property. How to file a tax extension 2011 Your written records must include the following information. How to file a tax extension 2011 The name and address of the organization to which you contributed. How to file a tax extension 2011 The date and location of the contribution. How to file a tax extension 2011 A description of the property in detail reasonable under the circumstances. How to file a tax extension 2011 For a security, keep the name of the issuer, the type of security, and whether it is regularly traded on a stock exchange or in an over-the-counter market. How to file a tax extension 2011 The fair market value of the property at the time of the contribution and how you figured the fair market value. How to file a tax extension 2011 If it was determined by appraisal, keep a signed copy of the appraisal. How to file a tax extension 2011 The cost or other basis of the property, if you must reduce its fair market value by appreciation. How to file a tax extension 2011 Your records should also include the amount of the reduction and how you figured it. How to file a tax extension 2011 The amount you claim as a deduction for the tax year as a result of the contribution, if you contribute less than your entire interest in the property during the tax year. How to file a tax extension 2011 Your records must include the amount you claimed as a deduction in any earlier years for contributions of other interests in this property. How to file a tax extension 2011 They must also include the name and address of each organization to which you contributed the other interests, the place where any such tangible property is located or kept, and the name of any person in possession of the property, other than the organization to which you contributed it. How to file a tax extension 2011 The terms of any conditions attached to the contribution of property. How to file a tax extension 2011 Deductions of At Least $250 But Not More Than $500 If you claim a deduction of at least $250 but not more than $500 for a noncash charitable contribution, you must get and keep an acknowledgment of your contribution from the qualified organization. How to file a tax extension 2011 If you made more than one contribution of $250 or more, you must have either a separate acknowledgment for each or one acknowledgment that shows your total contributions. How to file a tax extension 2011 The acknowledgment must contain the information in items (1) through (3) under Deductions of Less Than $250 , earlier, and your written records must include the information listed in that discussion under Additional records . How to file a tax extension 2011 The acknowledgment must also meet these tests. How to file a tax extension 2011 It must be written. How to file a tax extension 2011 It must include: A description (but not necessarily the value) of any property you contributed, Whether the qualified organization gave you any goods or services as a result of your contribution (other than certain token items and membership benefits), and A description and good faith estimate of the value of any goods or services described in (b). How to file a tax extension 2011 If the only benefit you received was an intangible religious benefit (such as admission to a religious ceremony) that generally is not sold in a commercial transaction outside the donative context, the acknowledgment must say so and does not need to describe or estimate the value of the benefit. How to file a tax extension 2011 You must get it on or before the earlier of: The date you file your return for the year you make the contribution, or The due date, including extensions, for filing the return. How to file a tax extension 2011 Deductions Over $500 You are required to give additional information if you claim a deduction over $500 for noncash charitable contributions. How to file a tax extension 2011 See Records To Keep in Publication 526 for more information. How to file a tax extension 2011 Out-of-Pocket Expenses If you give services to a qualified organization and have unreimbursed out-of-pocket expenses related to those services, the following two rules apply. How to file a tax extension 2011 You must have adequate records to prove the amount of the expenses. How to file a tax extension 2011 If any of your unreimbursed out-of-pocket expenses, considered separately, are $250 or more (for example, you pay $250 or more for an airline ticket to attend a convention of a qualified organization as a chosen representative), you must get an acknowledgment from the qualified organization that contains: A description of the services you provided, A statement of whether or not the organization provided you any goods or services to reimburse you for the expenses you incurred, A description and a good faith estimate of the value of any goods or services (other than intangible religious benefits) provided to reimburse you, and A statement that the only benefit you received was an intangible religious benefit, if that was the case. How to file a tax extension 2011 The acknowledgment does not need to describe or estimate the value of an intangible religious benefit (defined earlier under Acknowledgment ). How to file a tax extension 2011 You must get the acknowledgment on or before the earlier of: The date you file your return for the year you make the contribution, or The due date, including extensions, for filing the return. How to file a tax extension 2011 Car expenses. How to file a tax extension 2011   If you claim expenses directly related to use of your car in giving services to a qualified organization, you must keep reliable written records of your expenses. How to file a tax extension 2011 Whether your records are considered reliable depends on all the facts and circumstances. How to file a tax extension 2011 Generally, they may be considered reliable if you made them regularly and at or near the time you had the expenses. How to file a tax extension 2011   For example, your records might show the name of the organization you were serving and the dates you used your car for a charitable purpose. How to file a tax extension 2011 If you use the standard mileage rate of 14 cents a mile, your records must show the miles you drove your car for the charitable purpose. How to file a tax extension 2011 If you deduct your actual expenses, your records must show the costs of operating the car that are directly related to a charitable purpose. How to file a tax extension 2011   See Car expenses under Out-of-Pocket Expenses in Giving Services, earlier, for the expenses you can deduct. How to file a tax extension 2011 How To Report Report your charitable contributions on Schedule A (Form 1040). How to file a tax extension 2011 If your total deduction for all noncash contributions for the year is over $500, you must also file Form 8283. How to file a tax extension 2011 See How To Report in Publication 526 for more information. How to file a tax extension 2011 Prev  Up  Next   Home   More Online Publications

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The How To File A Tax Extension 2011

How to file a tax extension 2011 3. How to file a tax extension 2011   Abandonments Table of Contents You abandon property when you voluntarily and permanently give up possession and use of the property with the intention of ending your ownership but without passing it on to anyone else. How to file a tax extension 2011 Whether an abandonment has occurred is determined in light of all the facts and circumstances. How to file a tax extension 2011 You must both show an intention to abandon the property and affirmatively act to abandon the property. How to file a tax extension 2011 A voluntary conveyance of the property in lieu of foreclosure is not an abandonment and is treated as the exchange of property to satisfy a debt. How to file a tax extension 2011 For more information, see Sales and Exchanges in Publication 544. How to file a tax extension 2011 The tax consequences of abandonment of property that secures a debt depend on whether you were personally liable for the debt (recourse debt) or were not personally liable for the debt (nonrecourse debt). How to file a tax extension 2011 See Publication 544 if you abandoned property that did not secure debt. How to file a tax extension 2011 This publication only discusses the tax consequences of abandoning property that secured a debt. How to file a tax extension 2011 Abandonment of property securing recourse debt. How to file a tax extension 2011    In most cases, if you abandon property that secures debt for which you are personally liable (recourse debt), you do not have gain or loss until the later foreclosure is completed. How to file a tax extension 2011 For details on figuring gain or loss on the foreclosure, see chapter 2. How to file a tax extension 2011 Example 1—abandonment of personal-use property securing recourse debt. How to file a tax extension 2011 In 2009, Anne purchased a home for $200,000. How to file a tax extension 2011 She borrowed the entire purchase price, for which she was personally liable, and gave the bank a mortgage on the home. How to file a tax extension 2011 In 2013, Anne lost her job and was unable to continue making her mortgage loan payments. How to file a tax extension 2011 Because her mortgage loan balance was $185,000 and the FMV of her home was only $150,000, Anne decided to abandon her home by permanently moving out on August 1, 2013. How to file a tax extension 2011 Because Anne was personally liable for the debt and the bank did not complete a foreclosure of the property in 2013, Anne has neither gain nor loss in tax year 2013 from abandoning the home. How to file a tax extension 2011 If the bank sells the house at a foreclosure sale in 2014, Anne will have to figure her gain or nondeductible loss for tax year 2014 as discussed earlier in chapter 2. How to file a tax extension 2011 Example 2—abandonment of business or investment property securing recourse debt. How to file a tax extension 2011 In 2009, Sue purchased business property for $200,000. How to file a tax extension 2011 She borrowed the entire purchase price, for which she was personally liable, and gave the lender a security interest in the property. How to file a tax extension 2011 In 2013, Sue was unable to continue making her loan payments. How to file a tax extension 2011 Because her loan balance was $185,000 and the FMV of the property was only $150,000, Sue abandoned the property on August 1, 2013. How to file a tax extension 2011 Because Sue was personally liable for the debt and the lender did not complete a foreclosure of the property in 2013, Sue has neither gain nor loss in tax year 2013 from abandoning the property. How to file a tax extension 2011 If the lender sells the property at a foreclosure sale in 2014, Sue will have to figure her gain or deductible loss for tax year 2014 as discussed earlier in chapter 2. How to file a tax extension 2011 Abandonment of property securing nonrecourse debt. How to file a tax extension 2011    If you abandon property that secures debt for which you are not personally liable (nonrecourse debt), the abandonment is treated as a sale or exchange. How to file a tax extension 2011   The amount you realize on the abandonment of property that secured nonrecourse debt is the amount of the nonrecourse debt. How to file a tax extension 2011 If the amount you realize is more than your adjusted basis, then you have a gain. How to file a tax extension 2011 If your adjusted basis is more than the amount you realize, then you have a loss. How to file a tax extension 2011 For more information on how to figure gain and loss, see Gain or Loss from Sales or Exchanges in Publication 544. How to file a tax extension 2011   Loss from abandonment of business or investment property is deductible as a loss. How to file a tax extension 2011 The character of the loss depends on the character of the property. How to file a tax extension 2011 The amount of deductible capital loss may be limited. How to file a tax extension 2011 For more information, see Treatment of Capital Losses in Publication 544. How to file a tax extension 2011 You cannot deduct any loss from abandonment of your home or other property held for personal use. How to file a tax extension 2011 Example 1—abandonment of personal-use property securing nonrecourse debt. How to file a tax extension 2011 In 2009, Timothy purchased a home for $200,000. How to file a tax extension 2011 He borrowed the entire purchase price, for which he was not personally liable, and gave the bank a mortgage on the home. How to file a tax extension 2011 In 2013, Timothy lost his job and was unable to continue making his mortgage loan payments. How to file a tax extension 2011 Because his mortgage loan balance was $185,000 and the FMV of his home was only $150,000, Timothy decided to abandon his home by permanently moving out on August 1, 2013. How to file a tax extension 2011 Because Timothy was not personally liable for the debt, the abandonment is treated as a sale or exchange of the home in tax year 2013. How to file a tax extension 2011 Timothy's amount realized is $185,000 and his adjusted basis in the home is $200,000. How to file a tax extension 2011 Timothy has a $15,000 nondeductible loss in tax year 2013. How to file a tax extension 2011 (Had Timothy’s adjusted basis been less than the amount realized, Timothy would have had a gain that he would have to include in gross income. How to file a tax extension 2011 ) The bank sells the house at a foreclosure sale in 2014. How to file a tax extension 2011 Timothy has neither gain nor loss from the foreclosure sale. How to file a tax extension 2011 Because he was not personally liable for the debt, he also has no cancellation of debt income. How to file a tax extension 2011 Example 2—abandonment of business or investment property securing nonrecourse debt. How to file a tax extension 2011 In 2009, Robert purchased business property for $200,000. How to file a tax extension 2011 He borrowed the entire purchase price, for which he was not personally liable, and gave the lender a security interest in the property. How to file a tax extension 2011 In 2013, Robert was unable to continue making his loan payments. How to file a tax extension 2011 Because his loan balance was $185,000 and the FMV of the property was only $150,000, Robert decided to abandon the property on August 1, 2013. How to file a tax extension 2011 Because Robert was not personally liable for the debt, the abandonment is treated as a sale or exchange of the property in tax year 2013. How to file a tax extension 2011 Robert's amount realized is $185,000 and his adjusted basis in the property is $180,000 (as a result of $20,000 of depreciation deductions on the property). How to file a tax extension 2011 Robert has a $5,000 gain in tax year 2013. How to file a tax extension 2011 (Had Robert’s adjusted basis been greater than the amount realized, he would have had a deductible loss. How to file a tax extension 2011 ) The lender sells the property at a foreclosure sale in 2014. How to file a tax extension 2011 Robert has neither gain nor loss from the foreclosure sale. How to file a tax extension 2011 Because he was not personally liable for the debt, he also has no cancellation of debt income. How to file a tax extension 2011 Canceled debt. How to file a tax extension 2011    If the abandoned property secures a debt for which you are personally liable and the debt is canceled, you will realize ordinary income equal to the canceled debt. How to file a tax extension 2011 This income is separate from any amount realized from abandonment of the property. How to file a tax extension 2011 You must report this income on your return unless one of the exceptions or exclusions described in chapter 1 applies. How to file a tax extension 2011 See chapter 1 for more details. How to file a tax extension 2011 Forms 1099-A and 1099-C. How to file a tax extension 2011    In most cases, if you abandon real property (such as a home), intangible property, or tangible personal property held (wholly or partly) for use in a trade or business or for investment, that secures a loan and the lender knows the property has been abandoned, the lender should send you Form 1099-A showing information you need to figure your gain or loss from the abandonment. How to file a tax extension 2011 Also, if your debt is canceled and the lender must file Form 1099-C, the lender can include the information about the abandonment on that form instead of on Form 1099-A. How to file a tax extension 2011 The lender must file Form 1099-C and send you a copy if the amount of debt canceled is $600 or more and the lender is a financial institution, credit union, federal government agency, or any organization that has a significant trade or business of lending money. How to file a tax extension 2011 For abandonments of property and debt cancellations occurring in 2013, these forms should be sent to you by January 31, 2014. How to file a tax extension 2011 Prev  Up  Next   Home   More Online Publications