### Answer

This statement is **False**. While cash contributions to qualified charitable organizations are deductible, they are not the only type of contributions that can be deducted.

Contributions can also include non-cash donations, such as:

1. **Property Donations**: Donating physical assets such as clothing, furniture, vehicles, or real estate can be deductible, usually at fair market value.

2. **Volunteer Expenses**: While the value of time spent volunteering is not deductible, certain expenses directly related to volunteering (e.g., supplies, mileage) can be.

3. **Stocks and Bonds**: Donating appreciated stocks or bonds can also provide a deduction based on the fair market value, avoiding capital gains taxes that would otherwise apply if the asset were sold.

In summary, both cash and non-cash contributions can be deductible if they meet the IRS requirements for qualified charitable donations.

Question

### Answer

This statement is **False**. While cash contributions to qualified charitable organizations are deductible, they are not the only type of contributions that can be deducted.

Contributions can also include non-cash donations, such as:

1. **Property Donations**: Donating physical assets such as clothing, furniture, vehicles, or real estate can be deductible, usually at fair market value.

2. **Volunteer Expenses**: While the value of time spent volunteering is not deductible, certain expenses directly related to volunteering (e.g., supplies, mileage) can be.

3. **Stocks and Bonds**: Donating appreciated stocks or bonds can also provide a deduction based on the fair market value, avoiding capital gains taxes that would otherwise apply if the asset were sold.

In summary, both cash and non-cash contributions can be deductible if they meet the IRS requirements for qualified charitable donations.

Knowee AI · Accepted Answer

### Answer

This statement is **False**. While cash contributions to qualified charitable organizations are deductible, they are not the only type of contributions that can be deducted.

Contributions can also include non-cash donations, such as:

1. **Property Donations**: Donating physical assets such as clothing, furniture, vehicles, or real estate can be deductible, usually at fair market value.

2. **Volunteer Expenses**: While the value of time spent volunteering is not deductible, certain expenses directly related to volunteering (e.g., supplies, mileage) can be.

3. **Stocks and Bonds**: Donating appreciated stocks or bonds can also provide a deduction based on the fair market value, avoiding capital gains taxes that would otherwise apply if the asset were sold.

In summary, both cash and non-cash contributions can be deductible if they meet the IRS requirements for qualified charitable donations.

True or False QuestionTrue or false: Only cash contributions to qualified charitable organizations are deductible.True false question.TrueFalse

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