IRS Top Tips for Year-End Charitable Donations

December 3, 2014 Posted by Jessica Shofler in Donations, IRS, News, Nonprofits

IRS tipsAs individuals and businesses get ready to make their year-end charitable donations, the IRS provides its top tips about giving:

1. If you are making a charitable contribution of clothing and household items (e.g., furniture, furnishings, electronics), they must generally be in good used condition or better to be tax-deductible. Donors must get written acknowledgments from charities for all gifts worth $250 or more, which must include a description of the items contributed.

2. A donor must have a bank record or a written statement from the charity to which it is contributing in order to deduct any monetary donation, no matter the amount. A written statement or acknowledgment must include the name of the charity, the date of the contribution, and the amount of the contribution.

3. Contributions are deductible in the year they are made. Donations by credit card are deductible in the year charged, not necessarily in the year paid. Checks are deductible in the year mailed.

4. Always check that a charity is eligible. Only donations to eligible organizations are tax-deductible. The IRS Select Check is a great place to start your search.

The IRS provides more year-end tax tips here. Happy donating!


NOTE: The information contained herein is not intended to be legal advice and the reader should know that no Attorney-Client relationship or privilege is formed by the posting or reading of this article which is also not intended to solicit business.

Casey Summar, Partner, The Law Firm for Non-Profits,1812 W Burbank Blvd, #7445, Burbank, CA 91506

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