IRS Publication 78

AAA

DEFINITION of 'IRS Publication 78'

A document published by the Internal Revenue Service (IRS) that lists organizations that qualify to receive tax-deductible contributions, as described in Section 170(c) of the Internal Revenue Code of 1986. Individuals can claim deductions of both cash and noncash items made to qualified organizations, with typical deductions not exceeding 50% of the taxpayer's adjusted gross income (AGI).

INVESTOPEDIA EXPLAINS 'IRS Publication 78'

The IRS offers an online version of IRS Publication 78 on its website, which allows taxpayers to quickly check to see if a charitable organization qualifies for tax-deductible contributions. The list is not all-inclusive and might not show every qualifying organization, so an individual tax filer should check to see if an organization has a ruling or determination letter indicating that contributions to it are considered deductible.


IRS Publication 78 should be viewed in conjunction with IRS Publication 561 and IRS Publication 526.

RELATED TERMS
  1. Form 8282: Donee Information Return

    An IRS tax form used by organizations to report the sale or disposition ...
  2. IRS Publication 526

    A document published by the Internal Revenue Service (IRS) that ...
  3. Tax Deduction

    A deduction from gross income that arises due to various types ...
  4. Adjusted Gross Income - AGI

    A measure of income used to determine how much of your income ...
  5. 1040 Form

    The standard Internal Revenue Service (IRS) form that individuals ...
  6. Gift

    Property, money or assets that one person transfers to another ...
Related Articles
  1. Taxes

    Deducting Your Donations

    Generosity may be its own reward, but some charitable giving also provides personal tax benefits.
  2. Retirement

    Gifting Your Retirement Assets To Charity

    There are several things to consider when it comes to this type of charitable giving. Make sure you're well informed.
  3. Taxes

    Give To Charity; Slash Your Tax Payment

    Being generous has never been more (financially) rewarding!
  4. Taxes

    10 Most Overlooked Tax Deductions

    The receipts you cram into your wallet could be replaced with cash come tax season.
  5. Economics

    Are Greece’s Worries Almost Over?

    Last week ended with the news that Greece and the European Union (EU) finance ministers struck a deal to temporarily extend the Greek bailout program.
  6. Economics

    Why Is Ukraine At War? A Russian Rivalry With West

    Huge power games which are being played behind the Ukrainian conflict are rooted in a previous revolution, a past Cold War, and an old Russia-West rivalry.
  7. Economics

    Does A Junk Rating Reflect Russia's Fundamentals?

    Moody’s, like other credit rating agencies, has downgraded Russia’s sovereign debt rating to non-investment grade, but does this reflect Russia's economy?
  8. Taxes

    Getting U.S. Tax Deductions On Foreign Real Estate

    If your home or second home is not in the United States, you can still get U.S. tax deductions. How many and what kind depends on whether you also rent it.
  9. Economics

    This Is A Small Country With Huge Potential to Grow

    Trinidad and Tobago's increased revenue and economic success have been primarily generated by its energy sector, but it still might be best to diversify.
  10. Economics

    Popular Places Where U.S. Citizens Need A Visa

    A U.S. passport will get you into many countries, but not everywhere. Here's how to visit five of the most popular destinations that require visas.

You May Also Like

Hot Definitions
  1. Subsidy

    A benefit given by the government to groups or individuals usually in the form of a cash payment or tax reduction. The subsidy ...
  2. Sunk Cost

    A cost that has already been incurred and thus cannot be recovered. A sunk cost differs from other, future costs that a business ...
  3. Technical Skills

    1. The knowledge and abilities needed to accomplish mathematical, engineering, scientific or computer-related duties, as ...
  4. Prepaid Expense

    A type of asset that arises on a balance sheet as a result of business making payments for goods and services to be received ...
  5. Gordon Growth Model

    A model for determining the intrinsic value of a stock, based on a future series of dividends that grow at a constant rate. ...
  6. Cost Accounting

    A type of accounting process that aims to capture a company's costs of production by assessing the input costs of each step ...
Trading Center