Good Record Keeping for Charitable Deductions

Via Planned Giving Design Center

The Internal Revenue Service reminded taxpayers planning to claim charitable donations to make sure they have the records they need before filing their 2014 tax returns.

For any taxpayer, keeping good records is key to qualifying for the full charitable contribution deduction allowed by law. In particular, this includes insuring that they have received required statements for two contribution categories—each gift of at least $250 and donations of vehicles.

First, to claim a charitable contribution deduction, donors must get a written acknowledgement from the charity for all contributions of $250 or more. This includes gifts of both cash and property. For donations of property, the acknowledgement must include, among other things, a description of the items contributed ...

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