What's the deduction on a $10,000.00 donation?

I sold my house last year and donated $10,000.00 to start an endowment fund in my family's name. My taxable income is around $21,500.00, I think my tax bracket is 15%. How much of a deduction am I able to take from the donation?

charitable donations are an itemized deduction

See Schedule A to form 1040

you'll need more than just that to itemize, and mortgage interest, property taxes, and state income taxes may be enough to do the trick.

your standrd deduction is 10,700 so yyou need to come up with more than 700 to make it worth while

The first question is: Is the endowment a qualified organization?

If it is then you will have to follow the instructions for Schedule A. You may be limited in what you can deduct this year. See the instructions at www.irs.gov.

If it is not a qualified organization, then you will not be able to deduct it.

If you are single, your standard deduction is $5,350. The standard deduction for married filing joint is $10,700.

Assuming you have enough total eligible deductions to be more than the standard deduction for your filing status, and that the donation was to a 501(c)3 charity, you would deduct the entire $10,000.

Ifr you are asking how much tax benefit you'd get from it, that depends on your total itemized deductions. If you are already itemizing without that donation, you'd save $1500 in tax. If you don't have enough to itemize without that donation, your tax benefit would be less.

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