A Few Missings Words Can Cost You a Massive Tax Deduction
Kevin Lum, CFP®July 30, 202200:09:13

A Few Missings Words Can Cost You a Massive Tax Deduction

The IRS recently disallowed a charitable donation, because the donor was missing just a few simple words. And it turns out a lot of donors are making the exact same mistake. In this video I'll walk through the mistake a widow made that cost her a $464,000 tax deduction because her tax paperwork lacked a few key words and tell you how to avoid the same mistake. We'll walk through the key things you need to know whether you're contributing $500 or $500,000.00.

Website // https://foundryfinancial.org
Facebook // facebook.com/retirementpodcast

Disclaimer: This video is not investment or financial advice.

00:00 Introduction
01:20 The Missing Words
03:00 Cash Donations Under $250
03:00 Cash Donations Above $250
05:00 Property Donations Below $250
05:55 Property Donations Between $250-$500
06:31 Property Donations Above $500
07:49 Recap Conclusion
retirement planning, financial planning, charitable tax deductions, tax deductions explained, form 8283, irs tax deductions, charitable tax deductions explained, charitable tax deductions 2021, how to charitable tax deductions work, charitable donations tax deduction, tax deductions, tax planning, charitable donations,