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May 31 2017
Charitable Contributions

Posted in general

Charitable  Contribution  Substantiation  Information  Required

  • Cash donations of less than $250
  • Bank record
  • Written communication from charity 
  •  Payroll deduction
  • Includes canceled check, bank, credit union, or credit card statement showing name and transaction posting date (credit card)
  • Name  of  charity,  date, and  amount  of contribution
  •  Pledge card and pay stub, W—2 wage statement, or other document furnished by employer, including total  amount  withheld  for charity
  • Cash donations of $250 or more
  • Written acknowledgment from the charity for each donation
  • Name of charity, date, amount paid, description, and estimate of value of goods or services provided  by  the charity
  • Noncash contributions of less than $250
  • Receipt from donee or reliable records
 
  • Property donations greater than $250 and not more than $500
  • Written acknowledgement

All of the above, plus:

  • How you got the property;
  • Date you got the property; and
  • Cost or other basis
  • Must file form 8283
  • Donations of $5,000 or more excluding stock, certain works of art, and autos
  • Qualified  appraisal
  • Attach appraisal to return and complete page 2 of Form 8283
  • Donations of art valued at
$20,000 or more
  • Signed appraisal and photograph
  • Attach signed appraisal to return and provide photograph of sufficient quality and size to fully show object if requested  by the IRS
  • Stock of publicly traded corporation
  • No appraisal required if as of date of the contribution, market quotations are readily  available on an established  securities market
  • Attach Form 8283 to  return
  • Non-publicly  traded stock
  • Contributions greater than $5,000 and less than or equal to $10,000
  • Contributions greater than $10,000
  • A partially completed appraisal summary complete Form 8283, Part I
  • Attach  qualified  appraisal  to return 
  • Vehicle, float, and airplane with value of more than $500
  • Value is the lesser of the gross sales proceeds or the FMV of the vehicle if no “significant use or material improvement”
  • Taxpayer needs contemporaneous written acknowledgement from donee organization; donee organization must use Form 1098-C to report value of vehicle donations if vehicle is sold; this can be used  to provide acknowledgement  to the  donor

Note: These rules Apply) to individuals making qualified contributions to IRC §501(c)(3)  organizations. Additional rules  apply  when  gifting a partial  or  restricted  interest,  gifts via  trusts,  arid  gifts with  remainder interest.

Last Updated by Admin on 2017-07-13 06:07:22 PM

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