On December 31, Lynette used her credit card to make a $500 contribution to the United...
On December 31, Lynette used her credit card to make a $500 contribution to the United Way, a qualified charitable organization. She will pay her credit card balance in January of the following year. If Lynette itemizes, she can deduct the $500 in the year she used the card.
Group of answer choices
True
False
Homework Answers
| TRUE |
| The contribution to the United Way, a qualified charitable organization by Credit Card is deductible even if the Credit card balance is settled at a later date. |
| So Lynette will be allowed a $500 deduction in the year she used the card. |
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