Legal definition of donation
Estate Taxes & Gift Taxes Legal Terminology

donation

1
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
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