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Is it ever possible to get a tax credit, as opposed to a tax

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deduction for the donation of...
Is it ever possible to get a tax credit, as opposed to a tax deduction for the donation of property to a church?
Submitted: 1 year ago.Category: Tax
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Answered in 1 minute by:
10/26/2016
Tax Professional: Rick Martin, Certified Public Accountant (CPA) replied 1 year ago
Rick Martin
Rick Martin, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 93
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Hi, my name is ***** ***** I'm happy to answer your question. I'm a CPA with 25 years experience.

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Tax Professional: Rick Martin, Certified Public Accountant (CPA) replied 1 year ago

As you are probably well aware, a tax credit is a dollar for dollar reduction in tax, whereas a tax deduction is a reduction in taxable income.

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Tax Professional: Rick Martin, Certified Public Accountant (CPA) replied 1 year ago

Under current tax law, there are no provisions for a taxpayer to get a tax credit as a result of making a charitable donation. Only a tax deduction.

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Tax Professional: Rick Martin, Certified Public Accountant (CPA) replied 1 year ago

Thank you for this opportunity to answer your question. Please give me a good review if you are happy with my service. I strive to maintain my 5 star rating. I will respond to any follow on questions you may have. -Rick

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Tax Professional: Rick Martin, Certified Public Accountant (CPA) replied 1 year ago

Have a good day!

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