donation

A donation is a gift - usually one of a charitable nature. A donation is a voluntary transfer of property (often money) from the transferor ( donor ) to the transferee ( donee ) with no exchange of value ( consideration ) on the part of the recipient (donee). (The recipient gives nothing in exchange for the donated property.)

When a donor knowingly, intentionally, and unconditionally conveys property (or a symbol of the intended property) to a donee, the donation goes into effect and becomes irrevocable upon the donee's acceptance thereof.

The IRS permits tax deductions for certain donations.

[Last updated in June of 2021 by the Wex Definitions Team ]

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