Welcome Guest. Register Now!  


Itemized Deductions Schedule-A


Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 02-26-2018, 08:42 PM
Junior Member
 
Join Date: Feb 2018
Posts: 1
Charitable Trust Deductions

Do I take the deduction when I fund the trust. Or when I distribute funds from the trust?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 02-27-2018, 02:33 AM
Moderator
 
Join Date: Oct 2010
Posts: 5,134
when you fund it;As with everything in tax law, it's important to follow the rules. To claim a charitable deduction on your tax return, you must itemize your deductions on your Sch A of 1040 , if not, you can nnot claim the deduction; Cash donations, no matter the amount, must be substantiated by a bank record such as a canceled check or credit card receipt, clearly annotated with the name of the charity or in writing from the organization.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
allowable llc deductions-charitable donations hraustin3794 Limited Liability Company 1 04-04-2015 05:36 PM
Charitable Remainder Trust from C-Corp sasha101 C-Corporation 1 12-15-2014 09:15 PM
Charitable deductions- airplane mileage eabcgcu Itemized Deductions 0 04-13-2010 10:45 AM
Trust principal distributed free from trust taxnewbie Trusts and Gift Tax Returns 0 03-12-2009 12:44 PM
Charitable deductions depstein1983 Itemized Deductions 1 07-09-2008 11:15 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning