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Haiti's devastating earthquake aftermath has opened up the hearts of citizens worldwide. Many of these people want to sincerely help the citizens of Haiti who were affected by this natural disaster. From celebrities to regular citizens, ABC News reports that the power of the internet has spawned millions of dollars in donations for disaster relief in Haiti. Experts say that so much money has never been raised so quickly. ABC News quotes Albe Angel, founder and CEO of Give On the Go as saying, "This is a watershed moment. It's historic."
ABC News reports that the ease of giving has helped people donate. More and more people can donate by things as simple as sending a text message to a number in order to give a financial donation. This is great news, but with tax season here I am sure a lot of people are wondering:
Is My Donation a Charitable Contributions Tax Deduction?
According to the IRS website, a charitable contributions tax deduction must be made by itemization on Form 1040, Schedule A. So if you want to deduct your donation to Haiti on your taxes, you must itemize it on this form.
For a contribution of cash, check, or other monetary gift (regardless of amount), you must maintain as a record of the contribution either a bank record or a written communication from the qualified organization containing the date and amount of the contribution and the name of the organization. You generally can deduct the fair market value of any property you donate, as well as your cash contributions, to qualified organizations. For those individuals who were texting donations, make sure you hold on to those cell phone bills!
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