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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