Asked by Simon Kozloff on Jul 15, 2024
Verified
In order to deduct a charitable contribution,taxpayers must itemize on their return.
Charitable Contribution
Donations or gifts to charitable organizations, which can be deductible from an individual's taxes.
Itemize
This refers to the process of individually listing tax deductions on one's tax return, rather than taking the standard deduction.
- Determine the conditions necessary for the deduction of charitable contributions.
Verified Answer
KC
kyungshookie cookieJul 20, 2024
Final Answer :
True
Explanation :
Taxpayers can only deduct charitable contributions on their tax return if they itemize their deductions instead of taking the standard deduction. This means they must fill out a Schedule A and list all qualifying deductions, including charitable contributions.
Learning Objectives
- Determine the conditions necessary for the deduction of charitable contributions.
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