Welcome to the CalVet website, and thank you for your service! You may register to get information tailored to the personal profile you create or simply browse the site anonymously.elcome to the CalVet website, and thank you for your service! You may register to get information tailored to the personal profile you create or simply browse the site anonymously.
You may deduct a maximum of up to 50% of your adjusted gross income (AGI) (Line 36 on IRS Form 1040) for the tax year the donation was given. However, if you give more than 50%, the excess may be carried forward for up to five years.
When it comes to purchasing auction items, donors cannot take a full deduction for the item; according to the IRS, only the fair market value of an item above what the donor paid for it is actually tax-deductible. For example, if a donor paid $40 for an item worth $30, they can deduct $10 for purchasing the item.