Qualified Organizations
You may deduct a charitable contribution made to, or for the use of, any organization that otherwise is qualified under section 170(c) of the Internal Revenue Code. (See IRS Exempt Organization Types)
Timing of Contributions
Contributions must actually be paid in cash or other property before the close of your tax year to be deductible, whether you use the cash or accrual method.
Deductible Amounts
If you donate property other than cash to a qualified organization, you may generally deduct the fair market value of the property. If the property has appreciated in value, however, some adjustments may have to be made.
Limitations on Deductions
In general, contributions to charitable organizations may be deducted up to 50 percent of adjusted gross income computed without regard to net operating loss carry backs.