Can School Fundraisers Be Deducted on Taxes?
Nonprofit education systems qualify for a tax payer's contribution to be tax-deductible as long as it doesn't surpass 50 percent of his taxable income. Even if the institution is private, it is eligible as long as it's a nonprofit organization.
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Paperwork
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Ask the school for paperwork confirming your donation. This will be used later when you file your tax return.
Fair Market Value
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The check must be written to the school. If the donation qualified the donor to have access to purchase athletic tickets, only 80 percent of the donation is tax deductible.
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Date of Deduction
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The donation is considered paid the day the check was written. Therefore, a check dated Dec. 31, 2009, would be considered a donation made during 2009.
Separate Check
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The donation must be written on a separate check than the tuition payment check.
Donations for Individuals
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Donations that are made for an individual student are not tax-deductible.
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References
- Photo Credit Image by Flickr.com, courtesy of Liz
