Steps for Claiming Charitable Tax Credits

If you are going to be making some charitable tax deductible donations this year, there are a few things the IRS wants you to know. It’s important to learn the IRS requirements so you can qualify for the deduction(s) on your 2011 return.  First and foremost, the charity you donated to must be an organization that qualifies.  You can either ask the associated organization if they qualify, or take a look at IRS Publication 78 for a list of reputable charity outfits.

All donations must be itemized on Form 1040 in order to qualify. Be sure to only deduct applicable donations. Generally speaking, all cash contributions as well as the fair market value for donated property, qualify for charitable donation tax credit.  Also, keep in mind that if anything is given to you in return for your donation, you can only itemize the amount that exceeds the fair market value of your return.

It might sound obvious, but only donations that are made during the tax year in question will qualify. That means that you are not permitted to make a 2011 claim on a donation that you pledged during 2011, but will actually donate in 2012. You can, however, claim donations made at the end of December that use credit cards or checks that won't be paid off or go through until the following year. 

If you are making a large donation, such as donating your timeshare, you will need to turn in more than just a record from your bank.  In cases involving more than $250, a written statement from the charitable organization is required.  It will need to state the worth of the donation and whether or not anything was given to you in return.  

For property, a description of items involved and a good faith value is also necessary.  If the donation exceeds $500, then a Form 8283 must be filled out.  Also, if you’re giving out something that exceeds five grand, you must obtain an appraisal. In addition, you will have to fill out section B of the 8283.

Following these regulations will generally keep you in the clear -- just be sure that the organization itself has followed the proper rules and regulations.

Live the Dream Life with a Timeshare Transfer

What are some of the things that you've always wanted but could never afford? Have you ever wanted to vacation to Europe but felt too guilty to spend that much money? Perhaps you're looking to move, but you can't afford the down payment?  If you feel imprisoned by bills and unable to appreciate some of the finer things in life, you can do something about it and find a heap of money in the future. You can do this through the help of Transfer Smart.

If you own a timeshare, you know how expensive it can be. Between travel and maintenance fees, the costs can escalate very quickly. There is only so much money out there. Maybe you don’t want to go on the same vacation each year and want to explore and experience new things. If this is the case, you can find timeshare relief with the help of our transfer specialists. 

Our transfer specialists will help you through the transfer process, so that you can have more cash and no more costs related to the timeshare. It will be out of your hands forever. What does that mean? You will have disposable income that you can use to buy whatever you want. Moreover, you will never see that annual maintenance fee bill again. What are you going to do with that extra money? Take that trip to Europe. Buy that dream home or remodel the one you have right now. Make your life your own again and stop the imprisonment of a timeshare. Don't feel scammed by timeshares anymore. Contact Transfer Smart today and live the life of your dreams.