IRS reminds taxpayers to keep track of charitable contributions
August 6th, 2008The IRS sent out a press release today regarding charitable contributions. The release serves as a reminder the rules on record keeping for charitable donations changed as of January 2007. This is a good point in the year for everyone to remember to keep proper records of charitable contributions so we’ll all be prepared come next tax season.
Things to remember:
- If you make a cash donation, you must have a bank record or written communication from the charity showing the name of the charity and the amount of the donation. A bank record can be the cancelled check, bank or credit union statement, as long as it lists the charity’s name, the date and amount of the contribution.
- Personal records such as bank registers, diaries and notes are no longer considered acceptable proof of contributions.
- All contributions must be made to a qualified charitable organization.
- Any used items (such as clothing, linens, appliances, etc.) must be in good condition and may only be deducted at the price you could reasonably ask for the item in used condition.
- For contributions worth $250 or more, you must have a written receipt or letter from the organization. For contributions worth $500 or more, you must file Form 8283 (Noncash Charitable Contributions) and attach it to your form 1040.)
If you need more information on charitable contributions, check out JK Harris press releases with information on charitable contributions and rules regarding charitable contribution changes. Or visit the IRS website at http://www.irs.gov/pub/irs-pdf/p526.pdf.
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