![]() Post-dated checks with January dates that are delivered December 31 don't count as a deduction for that tax year, for example.You can't claim a deduction for a check with a future date that falls into the next tax year, even if you send it by the end of the year. Timing plays a role for other cash and stock donations, too. Post-dated checks, checks mailed after December 31, and stock transfers not processed before the end of the tax year are not deductible for that year. TurboTax Tip: To qualify as a deduction, a contribution must be made before the end of the tax year. Make sure that the cause is sponsored by an 501(c)(3) organization such as the Salvation Army or Red Cross so your financial assistance meets the deductibility test. Unfortunately, fund-raising tickets are not deductible.Īnother misconception relates to community drives aimed at helping an individual or family with medical costs, loss of a house from fire or funeral expenses. Tax preparers frequently find themselves presenting bad news to clients seeking charitable deductions for bingo games, raffle tickets or lottery-based drawings used by organizations to raise money. ![]()
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