Gifts to charity: six facts about written acknowledgments - KTVN Channel 2 - Reno Tahoe Sparks News, Weather, Video

Gifts to charity: six facts about written acknowledgments

Updated:
© Adam Gault D V / Thinkstock © Adam Gault D V / Thinkstock

From IRS.gov

Throughout the year, many taxpayers contribute money or gifts to qualified organizations eligible to receive tax-deductible charitable contributions. Taxpayers who plan to claim a charitable deduction on their tax return must do two things:
 

Have a bank record or written communication from a charity for any monetary contributions.

Get a written acknowledgment from the charity for any single donation of $250 or more.

Here are six things for taxpayers to remember about these donations and written acknowledgments:
 

Taxpayers who make single donations of $250 or more to a charity must have one of the following:

A separate acknowledgment from the organization for each donation of $250 or more.

One acknowledgment from the organization listing the amount and date of each contribution of $250 or more.

The $250 threshold doesn’t mean a taxpayer adds up separate contributions of less than $250 throughout the year.

For example, if someone gave a $25 offering to their church each week, they don’t need an acknowledgment from the church, even though their contributions for the year are more than $250.

Contributions made by payroll deduction are treated as separate contributions for each pay period.

If a taxpayer makes a payment that is partly for goods and services, their deductible contribution is the amount of the payment that is more than the value of those goods and services.

A taxpayer must get the acknowledgment on or before the earlier of these two dates:

The date they file their return for the year in which they make the contribution.

The due date, including extensions, for filing the return.

If the acknowledgment doesn't show the date of the contribution, the taxpayers must also have a bank record or receipt that does show the date.

More Information:
 

Can I Deduct My Charitable Contributions?

Publication 526, Charitable Contributions

Tax Topic 506, Charitable Contributions

Publication 1771, Charitable Contributions Substantiation and Disclosure Requirements

Remember that all of the web page addresses for the official IRS website, IRS.gov, begin with http://www.irs.gov. Don' t be confused or misled by Internet sites that end in .com, .net, .org or other designations instead of .gov. The address of the official IRS governmental Web site is http://www.irs.gov/.

*DISCLAIMER*: The information contained in or provided through this site section is intended for general consumer understanding and education only and is not intended to be and is not a substitute for professional advice. Use of this site section and any information contained on or provided through this site section is at your own risk and any information contained on or provided through this site section is provided on an "as is" basis without any representations or warranties.
INFORMATIONAL DISCLAIMER The information contained on or provided through this site is intended for general consumer understanding and education only and is not intended to be and is not a substitute for professional financial or accounting advice. Always seek the advice of your accountant or other qualified personal finance advisor for answers to any related questions you may have. Use of this site and any information contained on or provided through this site is at your own risk and any information contained on or provided through this site is provided on an "as is" basis without any representations or warranties.
Powered by Frankly
All content © Copyright 2000 - 2017 Sarkes Tarzian, Inc. All Rights Reserved. For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.