charitable donations and transfer of funds overseas
What is the law relating to the making of charitable donations in the US, for example, are they subject to tax concessions or deductibility?
Asked on 8/01/01, 3:33 am
1 Answer from Attorneys
Norman Nadel
Norman Nadel, Esq.
Re: charitable donations and transfer of funds overseas
Gifts to organizations that meet the standards spelled out in the Internal Revenue Code for a charitable entitiy may be deducted from taxable income.
The reduction in income tax is the only economic "concession" derived from the gift.
Charitable entities take many forms and generally include churches, hospitals, schools and other organizations dedicated to charitable activities.
Answered on 8/01/01, 1:57 pm
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