Charitable Donations

If you itemize income tax deductions, you may deduct your charitable donations. You'll want to keep good records or all your donations.

* Money Donations โ€” Receipts are required for all money donations.
* Item Donations โ€” Give new or used goods to charity and deduct their fair market value. Special rules apply to donations of vehicles and to donations of appreciated property (property that is worth more than you paid for it).
* Volunteering โ€” Deduct 14ยข per mile while driving for charity. You can also deduct other out-of-pocket expenses.