Can I claim a charitable deduction if I received a gift in return?

Updated for tax year 2017

Should I itemize or take the standard deduction? - TaxAct Q&A Series

Charitable donations and your taxes

If the item you received in return was worth less than the amount you donated, you can still take a deduction for it on your tax return.

For example, if you attend a charity silent auction and pay $10,000 for a vacation package that is worth $5,000, you can deduct $5,000 as a charitable donation. The organization you donated to should tell you what the item is worth so you have a better understanding of its value.

To deduct a charitable contribution, you must file Form 1040 and itemize deductions on Schedule A.

About Jennifer S.

Jennifer is a tax analyst at TaxAct.

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