Legal definition of donation
Estate Taxes & Gift Taxes Legal Terminology
A gift made by either a person or a legal entity to benefit a third party. Usually it is for the benefit of a church, schools, educational institutions, theaters, hospitals.
Donation may be given as money, or household items, or in the form of services.
Donations of money include those made in cash or by check, electronic funds transfer, credit card, and payroll deduction.
For tax purposes, only taxpayers who itemize their deductions on Form 1040 Schedule A can claim deductions for charitable contributions. This deduction is not available to people who choose the standard deduction, including anyone who files a short form (Form 1040A or 1040EZ).
see: charitable contributions
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Livingston WerneckeAttorney at LawPRACTICE AREA: Tax Law, Wills & Probate, Business Law, Trusts & Estate Planning
Frank W ErwinAttorney at LawPRACTICE AREA: Real Estate Law, Business Law, Trusts & Estate Planning
Patrick J GreenAttorney at LawPRACTICE AREA: Real Estate Law, Tax Law, Business Law, Health Care Law, Trusts & Estate Planning
KgabMeanwhile, South Dakota, which has also passed an internet sales tax law, is currently facing court challenges on that legislation. The final version of the Wyoming law does prohibit the state from collecting the tax if a declaratory judgment against ... more »
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The Colorado StatesmanFurthermore, the law has no specific provisions to ensure the confidentiality of the personal data collected by the state and doesn't prohibit access by other government agencies or employees. Luckily, Coloradans are beginning to understand the impact ... more »
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