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Cash and Non-Cash Contributions – Tax Guide

Cash Donations
Effective August 2006 all cash donations must have documentation – either a canceled check or receipt.

Donations of $250 or more must have a receipt or acknowledgement from the charity (not just a canceled check).

Non-Cash Donations
All donations must have a receipt. Always ask for one and prepare a detailed list of the items donated.

All donations must be in “Good” condition or better.

You are required to place a fair market value on the property donations. For assistance use the Salvation Army web-site, a book like “Its Deductible”, or see your tax preparer.

Many people believe there is a $500 limit – That’s not true! the limits are the fair market value of your donations.

Travel costs on behalf of a charity are deductible (mileage rate $.14). This does not include going to and from church every week, however if you go to board meetings, work at charity events, transport others to charitable events etc. the mileage is deductible.

IRS Circular 230 Notice: Unless expressly stated otherwise in this transmission, any tax advice contained herein, forwarded with or attached to this message was not and is not intended to be used, nor may it be relied upon or used, by any taxpayer for the purpose of (1) the avoidance of any tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions, or (2) promoting, marketing or recommending to another party any tax transaction or tax-related matters that may be addressed herein.