‘Tis the Season for Charitable Giving… So let’s make sure you’re doing it right.
What documentation am I required to keep on my Charitable Donations? That depends on the type and value of the donation.
– For cash donations under $250, the donor must have a bank record (canceled check, debit, credit card charge) or written communication from a charity.
– For cash donations over $250, the donor is responsible for obtaining a written acknowledgment from the charity. You must have a receipt to be able to deduct gifts over $250.
– For non-cash donations (cars, furniture, clothes) under $500, a receipt from the charity is acceptable, and you can list the items donated and their current fair market value.
– If the non-cash donation is over $500, you need a detailed list of each item with the original cost, date of purchase, and fair market value at the date of the donation.
To help you determine the value of your donated goods, the Salvation Army has a great donation value guide: