Substantiation

Navigating the tax landscape when donating works of art to charity

Charitable, Contributions, Deductions, Donations, Tax Deduction / Douglas Freeman

If you own a valuable piece of art or other property, you may wonder how much of a tax deduction you could get by donating it to charity. The answer to that question can be complex because several different tax rules may come into play with such contributions. A charitable contribution of a work of […]

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There’s still time to get substantiation for 2018 donations

2018 Tax Return, Charitable, Deductions, Donations, Income Tax, Individual Income Tax, Internal Revenue Service, Tax, Tax Deadlines, Tax Planning / Douglas Freeman

If you’re like many Americans, letters from your favorite charities have been appearing in your mailbox in recent weeks acknowledging your 2018 year-end donations. But what happens if you haven’t received such a letter — can you still claim an itemized deduction for the gift on your 2018 income tax return? It depends. Basic requirements.

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