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IRS guidance on year-end donations
December 10, 2008
Charitable giving is a big part of year-end tax planning. The IRS has posted a summary of tax rules governing charitable contributions (via the TaxProf). They have this to say about the always-popular gifts of household goods:
For all donations of property, including clothing and household items, get from the charity, if possible, a receipt that includes the name of the charity, date of the contribution, and a reasonably-detailed description of the donated property. If a donation is left at a charity’s unattended drop site, keep a written record of the donation that includes this information, as well as the fair market value of the property at the time of the donation and the method used to determine that value. Additional rules apply for a contribution of $250 or more.
If you get examined, that written record comes in handy.
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