Can I get a tax write off for donating to my own charity? In other words, can Tiger Woods donate to the Tiger Woods Foundation and get a tax write-off for that? Please hurry with answer and a cite if you can. Fast. I have a know-it-all coworker that I would love to just shut up for once.
If the charity is properly credentialed (normally a 501(c)(3) letter from the IRS), then all donations to it are tax-deductible.
Giving money to “your own” charity isn’t code language for giving it to yourself. The charity has to have an organization and structure; even if it has your name on it, it’s still a separate entity. See the first paragraph of the linked document.
N.b., I am neither an accountant nor a lawyer. In fact, I can’t even fall back on what I am professionally, because professionally I’m not allowed to answer tax questions.
No - not if the charity benefits you, specifically. If it’s a charity that is legit, and you are the one that started it - then that’s fine - see Knead above.
Thank you so much. I was wrong, but I appreciate the info. Sigh.
Jeez. This is the Internet. You were supposed to tell us you were right and your coworker is an idiot! Get with the program. 
While it may be true for the level at which most of us donate, it isn’t true that ALL donations are tax deductible, even to a qualified organiztion.
From IRS:
“Generally, you may deduct up to 50% of your adjusted gross income, but 20% and 30% limitations apply in some cases.”
http://www.irs.gov/charities/charitable/article/0,,id=134331,00.html
Oh. Yeah! That’s what I meant to say. I am just distracted here at my job of being Halle Berry’s body double.
Just to add a little to what others have said…
The bulk of the 990 tax return for a non-profit covers the board of directors, how they are related to the organization, how (and how much) they are paid, and how the organization is funded. 990s are considered public information and organization are required to have a way for people to obtain or request a copy.
So if Tiger woods donated $500,000 to his personal charity, then used the money to buy his new vacation house, that would be made obvious in the publicly-available documents. Eventually, the IRS would notice and either reclassify transactions or strip the organization of its nonprofit status. (Or, he could hide the transactions by intentionally filling out the forms incorrectly. That would be tax fraud.)
Bill Gates and the Gates Foundation is a case where literally billions of dollars are being donated to his own charity.