Tax deduction?

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I just made a gift in honor of someone. When do I get a receipt from Vittana that I can keep for tax reporting purposes?

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Sophie August 10, 2011 00:42

Hi there,

Thanks so much for writing in! My apologies that you haven't received a receipt yet. Ordinarily, receipts are sent out instantaneously, so to be missing one is troubling and I'm going to need a little bit more information to follow-up.

Would you be willing to contact me via questions@vittana.org with the email address through which you've created your Vittana account, information regarding the size of the gift, and the day you made your transaction?

Again, thanks so much for making us aware, and for your patience as we dig into the issue further.

Looking forward to your reply.

Best regards,

Sophie

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Hi there, Thanks so much for writing in! My apologies that you haven't received a receipt yet. Ordinarily, receipts are sent out instantaneously, so to be missing one is troubling and I'm going to need a little bit more information to follow-up. Would you be willing to contact me via questions@vittana.org with the email address through which you've created your Vittana account, information regarding the size of the gift, and the day you made your transaction? Again, thanks so much for making us aware, and for your patience as we dig into the issue further. Looking forward to your reply. Best regards, Sophie

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gonecrawfishin October 17, 2011 03:55

If you donate towards somebody's loan, rather than giving straight gifts, are you still allowed to deduct that on your taxes in some way?

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If you donate towards somebody's loan, rather than giving straight gifts, are you still allowed to deduct that on your taxes in some way?

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Sophie October 17, 2011 20:04

Hi there,

Thanks for writing in and for asking a great question.

If you put money toward someone's loan and do not check the box for "donate your repayments to Vittana" during check out, you cannot deduct on your taxes.

Loaning does not fit the criteria for a tax-deductible charitable donation because the money comes back to you. The great thing about a loan is that when the money does return to you, as a lender you can reinvest in another student and the cycle continues--passing along opportunities to students over and over again!

If you do choose to donate your repayments by checking that box, each time the student you lent to makes a payment on their loan, that money comes back to Vittana to help cover our operational costs, as well as the development of new loan programs all over the world. As a 501(c)3 public nonprofit, we pay all of our expenses via the generous donations of foundations, individuals, and our lenders. Any money contributed in this manner is tax-deductible.

Please let me know if you have further questions, and many thanks to you for supporting Vittana students!

Best regards,

Sophie

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good answer! good answer! (undo)
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Hi there, Thanks for writing in and for asking a great question. If you put money toward someone's loan and do not check the box for "donate your repayments to Vittana" during check out, you cannot deduct on your taxes. Loaning does not fit the criteria for a tax-deductible charitable donation because the money comes back to you. The great thing about a loan is that when the money does return to you, as a lender you can reinvest in another student and the cycle continues--passing along opportunities to students over and over again! If you do choose to donate your repayments by checking that box, each time the student you lent to makes a payment on their loan, that money comes back to Vittana to help cover our operational costs, as well as the development of new loan programs all over the world. As a 501(c)3 public nonprofit, we pay all of our expenses via the generous donations of foundations, individuals, and our lenders. Any money contributed in this manner is tax-deductible. Please let me know if you have further questions, and many thanks to you for supporting Vittana students! Best regards, Sophie

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