Tax
Considerations
Do something
wonderful for The Hinsdale Central Foundation and get a break on your taxes,
too!
When you give
to The Hinsdale Central Foundation you may deduct contributions representing up
to 50% of your adjusted gross income if you itemize your tax return. Below is
some of the information the IRS provides on making tax deductible contributions.
Note this is only a guide, and is not meant to be comprehensive.
- Gifts to The Hinsdale
Central Foundation High School are deductible in the year in which they are
paid
- You must itemize on your
taxes to deduct donations
- To claim a donation of
$250.00 or more, retain your written receipt from The Hinsdale Central
Foundation.
- Property donated to The
Hinsdale Central Foundation may generally be deducted at the fair market
value of the property at the time of the contribution. (See further
information in these web pages.)
- If you receive a gift or
another type of benefit in return for your contribution, the donation may
only be deductible to the extent that it exceeds the value of the gift or
benefit.
- When goods or services are
involved, a payment to The Hinsdale Central Foundation qualifies as a
deductible gift only to the extent that the payment exceeds the fair market
value of the goods or services you receive in return for that gift.