Publication 526 (2023): Charitable Contributions

Publication 526, "Charitable Contributions," is an IRS guide that explains how to deduct donations you make to qualified charities on your federal income tax return. It covers what types of contributions are deductible, limitations on deductions, recordkeeping requirements, and how to report your contributions.

What is Publication 526 (Charitable Contributions)?

Publication 526, also known as 526, is an IRS resource that explains how individuals can claim deductions for charitable donations on their federal income tax returns. It covers essential information such as:

A. Eligible organizations: Which types of charities qualify for deductions (e.g., religious organizations, educational institutions, public charities).

B. Deductible contributions: What types of donations you can deduct (e.g., cash, property, mileage).

C. Deduction limits: The maximum amount you can deduct based on your income and type of donation.

D. Recordkeeping requirements: What documentation you need to maintain for claimed deductions.

Important information covered in Publication 526:

A. Qualified organizations: Explains which organizations are eligible to receive tax-deductible contributions (e.g., churches, schools, certain charities).

B. Types of deductible contributions: Covers cash, non-cash donations (clothing, food, vehicles), mileage, and volunteer services (limited).

C. Deduction limitations: Explains the 60% AGI limit for cash contributions and different rules for non-cash donations.

D. Recordkeeping requirements: Outlines what documentation you need to keep for different types of contributions (e.g., receipts, valuation reports).

E. How to report contributions: Explains where to report your contributions on your tax return (Schedule A) and how to complete any required forms.

To access the current year' Publication 526, click here.