General Question

RedDeerGuy1's avatar

If you win a prize to donate to charity do you get it as a tax write off?

Asked by RedDeerGuy1 (24892points) December 19th, 2021

What are the tax rules in your country?

Is not about me.

Observing members: 0 Composing members: 0

5 Answers

Zaku's avatar

It would be a tax write-off . . . of itself. So net zero effect on taxes.

Though if you ever “itemize” deductions, then it might make a difference in some arcane way.

kritiper's avatar

No. It didn’t come out of your pocket.

Tropical_Willie's avatar

Prize is taxable income in the USA; the donation value would only be the tax rate you are in i.e your tax rate is 26% tax rate you can only take 26% the value. Same with lottery winnings.

I am not a CPA.

AstroChuck's avatar

Depends on the charity (for example if they lobby you can’t) and how much you can deduct depends on how much the percentage is of your adjusted gross income.

Forever_Free's avatar

In a way, yes. In order to claim the prize you must first pay the tax owed on receiving this prize.
Then you can donate it and only potentially get. tax deduction depending on what it is.

Answer this question

Login

or

Join

to answer.

This question is in the General Section. Responses must be helpful and on-topic.

Your answer will be saved while you login or join.

Have a question? Ask Fluther!

What do you know more about?
or
Knowledge Networking @ Fluther