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Charitable Planning- What Does Not Count- to IRS?

Charitable Contributions

At this time of year many donate to others less fortunate or for “good causes.” The Internal Revenue Service (“IRS”) will permit a deduction for any charitable contribution made during the taxable year. Contributions that are not deductible include:

  • A contribution to a specific individual,
  • A contribution to a nonqualified organization,
  • The part of a contribution from which you receive or expect to receive a benefit,
  • The value of your time or services,
  • Your personal expenses,
  • A qualified charitable distribution from an individual retirement arrangement (IRA),
  • Appraisal fees,
  • Certain contributions to donor­advised funds, or
  • Certain contributions of partial interests in property. i

To be continued ….
Aaron E. Futterman, CPA, Esq. is a partner in the law firm of Futterman & Lanza, LLP with offices in Smithtown, NY and clients throughout Suffolk, Nassau, Queens, Brooklyn, Bronx, Richmond, New York, Westchester and Rockland Counties. He concentrates his practice to Elder Law, Medicaid Planning, Medicaid Applications, Estate Planning, Probate, Estate Taxes, and Estate Administration.

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