January 25, 201214 yr Isn't that kind of....well.....I don't know....anti-the point? I think it's about your motive for giving. If you're giving solely for the deduction, then yes, it's "anti-the point." But if your generosity is genuine & authentic...in other words, if you would give it even if you couldn't write it off, then I think it's certainly understandable & acceptable to take the deduction. I'm going to give regardless of what Uncle Sam lets me do or not do, but if he's letting me deduct, then I'm going to deduct. I honestly feel that is being a good steward. I know others who refuse to deduct regardless, and I really respect that viewpoint. But it all comes back to motives IMO.
January 25, 201214 yr To your last question, the answer is yes. Charitable contributions, even to your church, are allowed to be deducted as an itemized deduction on Schedule A of your tax return. I believe up to 50% of your gross income. You clarified what Clizzy said to me earlier about Schedule A. Other comments in this thread had led me to believe that their church contributions were not included in the amounts released. If they were & Biden only gave what little he gave, that's pretty sad IMO.
January 25, 201214 yr I've always gotten those letters, but like an idiot...never even thought of utilizing it as a deduction. Probably, though, because I never have enough deductions to itimize, so I just take the standard and move on. You must itemize to to claim. If you have kids/dependents, a mortgage and pay high (2+%) local payroll taxes itemizing may be worthwhile. Also, non-monetary donations to Goodwill, the church, 501©3s - like youth sports leagues; and mileage driven in support of these (around 45 cents per mile) are all itemizable deductions.
January 25, 201214 yr You must itemize to to claim. If you have kids/dependents, a mortgage and pay high (2+%) local payroll taxes itemizing may be worthwhile. Also, non-monetary donations to Goodwill, the church, 501©3s - like youth sports leagues; and mileage driven in support of these (around 45 cents per mile) are all itemizable deductions. Yeah, I've had kids, but never a mortgage. I've never saved my tax receipts from Goodwill, my parish or any other donations I've made. I'm pretty sure I've come out ahead each year, though. Without a mortgage, I'm pretty much done for in trying to get a higher deduction than the standard deduction.
January 25, 201214 yr I never started itemizing until I bought my house. Standard deduction was always higher. I hope when all is said and done we get to keep the mortgage deduction but with this bunch who knows. Barry might just Executive Order it away.
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