Qualified Charitable Organization

Qualified Charitable Organization

An entity, usually an association or nonprofit corporation, designed to provide some form of public charity or service and specifically approved by the U.S. Treasury as a recipient of deductible charitable contributions.
References in periodicals archive ?
It allows you to transfer funds directly from your IRA to a qualified charitable organization. This is a tax-efficient way to shift up to $100,000 out of an IRA each year.
If a taxpayer transfers money or property to a qualified charitable organization and doesn't receive anything of material value in return, the transfer is properly characterized as a "charitable contribution" within the meaning of IRC section 170(a)(1).
In 2003 and 2004, Irby Ranches conveyed conservation easements encumbering two parcels of land to Colorado Open Lands (COL), a qualified charitable organization, m bargain sale transactions.
If the donor pays more than "fair market value" (generally, the price at which property would change hands between a willing buyer and willing seller) to a qualified charitable organization for merchandise, goods, or services, the amount paid that is more than the value of the item can be a charitable contribution.
The foundation has been certified by Hong Kong's Inland Revenue Department as a qualified charitable organization under the tax rules of Hong Kong, providing full deductibility in Hong Kong for donations received benefiting all campuses of the University of California.
* To allow taxpayers 70 1/2 and older to rollover amounts from their IRA accounts directly to a qualified charitable organization; and taxpayers 59 1/2 and older to transfer IRA funds to a remainder trust and give a remainder interest in the trust tax-free.
A facade preservation easement allows the property owner to donate the building's exterior to a qualified charitable organization such as The National Architectural Trust.
Any reputable or qualified charitable organization will issue you a signed receipt for money or goods donated, including clothing, a car, books and furniture.
If you itemize your deductions, you generally can deduct your contributions of money or property that you make to, or for the use of, a qualified charitable organization. Whether your donation is large or small, but particularly if you get something in return for your donation from the charity, you need to be aware of certain rules.
She was a volunteer for Fix Our Ferals, a qualified charitable organization that traps and neuters feral cats before returning them to the wild or placing them m an adoptive home.
The final component of concern involves making sure that a taxpayer's gift reaches a qualified charitable organization. "Exempt Organizations Select Check" is an online IRS search tool that has replaced.

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