RECORD KEEPING REQUIREMENTS FOR

CHARITABLE CONTRIBUTIONS

 

Reporting Requirement Thresholds:

                       Cash: Do Not combine separate contributions

               Noncash: Combine claimed deductions of all similar items to determine

                                   $501 or greater amount.

 

Contribution:  Less Than $250

 

Cash – One of the following:

1.        Bank record with organization’s name, date and amount of contribution.  Bank records may include:

a.       Canceled Check

b.      Bank Statement

c.       Credit Card Statement

2.       Receipt showing organization’s name, date and amount of contribution.

3.       Payroll deduction record.

 

Noncash – All of the Following:

1.       Receipt from charitable organization showing:

a.       Name of Organization

b.      Date and Location of Contribution

c.       Reasonable detailed description of property contributed

Note: A receipt is not required where it is impractical to get one, such as leaving property to a charity’s unattended drop site.  The organization’s name, date of contribution, and description of property are still required.

 

Contribution:  $250 to $500

 

Cash – Same as above, plus:

Written acknowledgement from the charitable organization or payroll deduction record.  The acknowledgement must (1) show the date and amount of the contribution,  (2) state whether any goods or services other than intangible religious benefits were provided by the charitable organization (including a good faith estimate of the value), and (3) a statement that the only benefit the taxpayer received was an intangible religious benefit if that was the case.

 

The taxpayer must receive the acknowledgement by the earlier of the date of filing or due date of the return, including extensions.

 

Noncash – Written acknowledgement from the charitable organization showing (1) the date and location of the contribution, (2) a reasonably detailed description of the contributed property, (3) whether any goods or services other than intangible religious benefits were provided by the charitable organization (including a good faith estimate of the value), and (4) a statement that the only benefit the taxpayer received was an intangible religious benefit if that was the case.

                     

                      The written acknowledgment does not need to state fair market value.

                     

                      The taxpayer must receive the acknowledgement by the earlier of the date of filing or due date of the return, including extensions.

 

 Contribution:  $501 to $5,000

 

Cash – Same As Above.

 

Noncash – Same as above, plus:

1.       How property was acquired (purchased, gift, inheritance, etc.)

2.       Approximate date property was obtained or produced

3.       Cost or other basis and basis adjustments

     

If information about the date acquired or basis of the property is not available due to reasonable cause, attach an explanation to the return.

 

Contribution:  Over $5,000

 

Cash – Same As Above.

 

Noncash – Same as above.  A written appraisal is generally required