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]