Many people make donations to charities whose work they support, but if you are planning to take a tax deduction for your gift, you must have the proper paperwork. Assembling the right documentation can also be tricky because the requirements vary based on whether the donation is cash and on the value of your gift. If you donate less than $250 in cash, for example, a canceled check, credit card statement or similar record may be sufficient, but if you give more, you will need a written acknowledgement from the charity. An additional tax form—and possibly an appraisal—may be needed for non-cash donations, depending on their value. Of course, the organization itself must also qualify as a charity under IRS rules. Be sure to contact us with all of your questions on charitable giving or any other financial concern.
https://www.armcpa.com/wp-content/uploads/2017/02/Donations.png 266 383 Bill https://www.armcpa.com/wp-content/uploads/2018/02/logo.png Bill2017-02-20 08:00:102017-02-20 08:00:10Documenting Your Charitable Donations