Spotlight on Special Charitable Giving Rules For 2020 , Dec. 10, 2020

2020 has generated a remarkable number of complications at nearly every level. One area where the rules have actually been relaxed are the rules governing deductions for charitable gifts. For 2020, every single taxpayer is entitled to deduct up to $300 in charitable gifts above-the-line--regardless of whether the taxpayer itemizes. The typical income restrictions on cash gifts was also lifted entirely for 2020--meaning that taxpayers can deduct an unlimited dollar value for their donations. The IRS' website contains a search tool so that taxpayers can verify that the organization qualifies before making their donation. The IRS also reminds taxpayers to keep good records when they donate--usually, the charity will provide a receipt or written acknowledgement letter. For more federal tax rules for deducting the value of charitable donations, visit Tax Facts Online.