If you gave money or goods to a charity in 2017, you may be able to claim a deduction on your federal tax return.

Here are some important facts about charitable donations from the IRS:

1. Qualified Charities. Taxpayers must donate to a qualified charity. Gifts to individuals, political organizations or candidates are not deductible.

2.Itemize Deductions.  To deduct charitable contributions, taxpayers must file 1040 and Schedule A, Itemized Deductions.

3.Benefit in Return.  If taxpayers get something in return for their donation, they may have to reduce their deduction. Taxpayers can only deduct the amount that exceeds the fair market value of the benefit received. Examples of benefits include merchandise, meals, tickets to events or other goods and services.

4.Type of Donation.  If taxpayers donate property instead of cash, their deduction amount is normally limited to the item’s fair market value. Fair market value is generally the price they would get if the property sold on the open market. If you donate used clothing and household items, those items generally must be in good condition or better. Special rules apply to cars, boats, and other types of property donations.

5.Noncash Charitable Contributions. Form 8283, Noncash Charitable Contributions must be filed for all noncash gifts totaling more than $500 for the year. Complete section A for noncash property contributions worth $5000 or less. Complete section B for noncash property contributions more than $5000 and include a qualified appraisal to the return. 

For more information on charitable donations, see IRS Publication 526 or visit our website http://www.bergamocpa.com/taxstrategies-individuals.php?item=75&catid=27&cat=Charitable%20Contributions:%20How%20To%20Give%20Wisely