Can I consider donations from last year as deductions on this years tax forms?
February 18th, 2010I forgot to add many of my charitable donations to my tax deductions last year. Am I allowed to file them as donations if I did not claim them as such last year?
Also, what can be considered a charitable donation? What about costs associated with doing it? Like transportations?
Replys
File an amended return for last year and add them to what was on the original return.
IN addition to filing an amended form, check out this IRS publication for more info:
http://www.irs.gov/pub/irs-pdf/p526.pdf
No, you cannot carry them forward unless you give more than the allowable percentage of your income (usually 30%)
If you omited them from the current year, file an amended return, Form 1040X.
You can deduct a mileage allowance for doing charitable work, but you cannot deduct an amount for the value of your time spent.
No, you can only claim them in the year when you actually make the donation. You can file an amended 2007 return though.
The only way you can claim them the following year is it you exceeded the limit for allowable deductions (usually 1/2 of your AGI) – then you can carry over the excess to the following year that you weren’t allowed to deduct the previous year.
Read the instructions on irs,gov for charitable donations. Yes, mileage associated with performing charitable work can be deducted, but the rate is much lower than for business miles.
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