Deducting Charitable Contributions

A check mailed on December 31, 2024, can be counted as a 2024 contribution even though the organization does not receive it by and is is not cashed until 2025. To increase your charitable contributions deduction potential, use a credit card to make a tax-deductible gift in 2024 and you can pay in 2025, or donate publicly traded stock that has a built-in paper gain. You are entitled to deduct the full market value of the stock, including the paper gain on which you've paid no tax (limits, however, may apply).

 

 

 

 

 

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