IRS: Taxpayers Must Have Bank Record or Written Statement of Donations to Charity

Friday, December 05, 2014 2:31 PM | NCSA Website Manager (Administrator)
Taxpayers must have a bank record or a written statement from a charity in order to deduct donation of money, regardless of amount, the IRS said in a reminder on tax law provisions that have taken effect in recent years.
 
In addition, donors must get written acknowledgement from the charity for all gifts worth $250 or more, which must include, among other things, a description of the items contributed, according to the IRS News Release, IR 2014-110. Clothing and household items donated to charity generally must be in good condition to be tax-deductible, the IRS said. However, if the taxpayer claims a deduction of more than $500, this standard doesn't need to be met if a qualified appraisal of the item is included with the return.
 
Contributions are deductible in the year made, the IRS said. Therefore, donations charged to a credit card before the end of 2014 count for tax year 2014, even if the credit card bill isn't paid until 2015. The same is true for checks. Checks count for 2014 as long as they are mailed in 2014.


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