Is the amount of tax deductible donations cumulative or singular?
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I am making several mid-size (in my world $20-50) donations to various charities and organizations. The amount stated in tax policies for donations to mean anything in tax world looks like $250 - is this a cumulative or singular number? -Any help is appreciated, thanks.
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Answer:
It is a singular number, and what it refers to is if you give $250 or more at one time to a charitable organization they are supposed to give you a letter indicating how much your contribution was. You could give 5 checks for $100 each to the same organization and the $250 rule does not apply, but if you gave 1 check for $251, then it would. I have attached a link that talks about the $250 rule, and also a link to an IRS publications for the rules for charitable contributions for 2007.
Mimosa L at Yahoo! Answers Visit the source
Other answers
I don't understand question. What country's tax codes are we talking about. Do you mean are donations added up to make 1 (one) number, or is the $250 amount increased with each donation?
BWeldon
Cumulative.
david o
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