Charitable receipts and documentation are important for reporting charitable donations on federal income tax returns. When you make a charitable donation, it's important to obtain a receipt or other documentation from the charity that includes the name of the charity, the date of the donation, and the amount of the donation. This documentation is necessary to claim a tax deduction for the donation.
For cash donations under $250, a canceled check, credit card statement, or a written communication from a charity that includes the charity's name, the date of the contribution, and the amount of the contribution will suffice.
For donations of $250 or more, the taxpayer must have a written acknowledgment from the charitable organization that includes the amount of the cash and a description (but not the value) of any property contributed, and whether the organization provided any goods or services in exchange for the gift.
For non-cash donations, such as clothing, furniture, or other personal property, you will need to have documentation that includes a detailed description of the property, the fair market value of the property at the time of the donation, and the date of the donation.
For donations of non-cash property valued at more than $5,000, a qualified appraisal is required. The appraisal should be obtained no more than 60 days before the date of the contribution or 60 days after the contribution.
It's important to keep accurate records of all charitable donations, as the IRS may request to see these records as part of a tax audit.
Charitable receipts and documentation are important for reporting charitable donations on federal income tax returns. When you make a charitable donation, it's important to obtain a receipt or other documentation from the charity that includes the name of the charity, the date of the donation, and the amount of the donation. For cash donations under $250, a canceled check, credit card statement, or a written communication from a charity that includes the charity's name, the date of the contribution, and the amount of the contribution will suffice. For donations of $250 or more, the taxpayer must have a written acknowledgment from the charitable organization that includes the amount of the cash and a description (but not the value) of any property contributed, and whether the organization provided any goods or services in exchange for the gift. For non-cash donations, such as clothing, furniture, or other personal property, you will need to have documentation that includes a detailed description of the property, the fair market value of the property at the time of the donation, and the date of the donation. For donations of non-cash property valued at more than $5,000, a qualified appraisal is required. It's important to keep accurate records of all charitable donations, as the IRS may request to see these records as part of a tax audit.