Many charitable organizations advertise that they accept donations of vehicles or stocks around the end of the year. Donating to charity can both benefit your taxes and help support a valuable cause, but what restrictions are there on deducting charitable donations from your taxes? Take this quiz to see if you know the dollars and cents of charitable contributions and tax deductions.
Which of these is restricted by the U.S. tax code?
what organizations are recognized as charities for tax purposes
how much money you contribute to charity
how many charitable contributions you deduct
What would be an ineligible deduction on your taxes?
time spent working at a charitable organization
a donation of corporate stock
professional consulting services provided for free
Which of these is tax-deductible?
an automobile given to a charitable organization that sells it immediately
a monetary contribution to a Senator's election campaign
time volunteered helping an unemployed individual improve his resume
What should you do if you want to deduct an automobile donation?
make sure to take the vehicle's condition into account
sell it first and then donate the proceeds
deduct the precise Blue Book value
For how long after you deduct a charitable contribution should you hold onto your receipts?
For which type of contributions to public charities can you only deduct 30 percent instead of 50 percent of the contribution's value?
those which may increase in value
goods or services, not cash
those to organizations with pending tax-exempt status
What is the most you can deduct when contributing to a private charitable organization?
What code designates a tax-exempt non-profit organization?
What must you do if you want to deduct the cost of a charity dinner from your taxes?
First subtract the value of the dinner itself.
Pay with a check or credit card, not cash.
Donate extra money above the requested amount.
What must you do if the value of a donated item is above $500?