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IRS Tips for Charitable Giving

If you plan on making a donation and taking a charitable deduction, there are a few things to keep in mind. Below is a list of some of the IRS’s tips for charitable giving:

  • Property donations. Household items (clothing, furniture, electronics, etc.) must be in good condition or better.
  • Money donations. The donor must have a bank record or written statement from the charity showing the name of the charity, date, and amount of the donation, in order to deduct donations of money, regardless of the amount.
  • Donors should get a receipt of their donations from the charity that includes the charity’s name, the date of donation, a description of the property that is gifted, and the fair market value of the property at the time of the donation.  Donations of money or other property worth $250 or more have additional record-keeping requirements.
  • Qualified charities. Only deductions to eligible organizations are tax-deductible.  Donors can check whether a charitable organization is eligible on IRS Select Check.
  • Itemize deductions. For individuals, only those who itemize their deductions on Form 1040 Schedule A can claim deductions for charitable contributions, meaning individuals who take a standard deduction (including filing Form 1040A or 1040EZ) cannot take the deduction.

The requirements for deducting charitable contributions depends on a taxpayer’s particular situation.  The attorneys at the Politte Law Offices can help you understand these requirements and make sure they are met. Contact us today to discuss your tax law options and how to best plan for the new year.

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