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Deductions & credits
You list the entire amount of the charitable donation. Whether you get any tax benefit from it depends on whether the total of all of your itemized deductions is more than your standard deduction. For example, if you paid $5000 in state income tax and $5000 in mortgage interest and those were your only other itemized deductions, then the total of your itemized deductions with the charity donation would be $25,000. That would make your itemized deduction $200 larger than the standard deduction.
‎September 4, 2020
9:18 AM
435 Views