Posts Tagged ‘Contributions’

Ten Facts About Claiming Donations Made to Haiti

by P. Lewis Robinson
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Jan
26

If you are donating to charities providing earthquake relief in Haiti, you may be able to claim those donations on your 2009 tax return. Here are 10 important facts the Internal Revenue Service wants you to know about this special provision.

  1. A new law allows you to claim donations for Haitian relief on your 2009 tax return, which you will be filing this year.
  2. The contributions must be made specifically for the relief of victims in areas affected by the Jan. 12 earthquake in Haiti.
  3. To be eligible for a deduction on the 2009 tax return, donations must be made after Jan. 11, 2010 and before March 1, 2010. (more…)
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Deduction tips for contributors to Haiti relief effort

by P. Lewis Robinson
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Jan
19

http://www.irs.gov

On its website IRS has posted deduction tips for taxpayers planning to make contributions to aid Haitian earthquake victims.

Contributors who itemize deductions are reminded that:

… Contributions to domestic, tax-exempt, charitable organizations providing assistance to individuals in foreign lands are tax-deductible, provided that the U.S. organization has full control and discretion over the uses of donations.
… Contributions to foreign organizations generally are not deductible, nor are contributions to benefit specific individuals or families.
… To substantiate charitable contributions of money, regardless of amount, a taxpayer must have a bank record or a written communication from the charity showing the name of the charity and the date and amount of the contribution.
… Contributions are deductible in the year made.

RIA observation: A bill has been introduced in Congress to permit Haitian relief donors to elect to treat contributions made after Jan. 11, 2010, and before Mar. 1, 2010, as if the contributions had been made on Dec. 31, 2009. If the election is made, Haiti relief donations would be deductible on the 2009 return, not the 2010 return. This option would be available only if the contribution is made in cash and otherwise meets the requirements for charitable contribution deductions under Code Sec. 170 .

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