Talley & Company - Resources - Tax - Charitable Contributions

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Charitable Contributions

Charitable contributions are a great way to get additional tax deductions. However, it is important to remember that if you plan to itemize deductions you must have proper documentation. The following IRS rules regarding documentation may be useful to you as you are preparing tax information this year:

Cash donations up to $250 per organization: Retain a canceled check or bank account statement showing the payment or a receipt (or some sort of written record) that includes the organization's name as well as the amount and date of the donation.
Cash gifts over $250 per organization: Obtain written acknowledgment from the organization stating the amount of your contribution. If you receive some sort of goods or services in exchange, be sure to document their worth also.
Non-cash donations up to $250: As of 2007, such donations now require a receipt from the charity. Also, according to the IRS all items donated must be in good condition.
Donations of property worth over $5,000: Such donations may require a written appraisal and additional documentation. Give us a call if you have a question on your donation.

For additional information or questions regarding charitable contributions deductions please contact our offices at (714) 867-2200.

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