Tips for Charity Donations

There’s still time to make donations to the causes close to your heart. If you intend to make 2015 donations (and deduct them on your taxes), here are a few things you should know:

  • If you plan to deduct charitable donations on your federal taxes, make sure your charities count as qualified under IRS rules. Donations to churches, synagogues, temples, mosques and government agencies are also deductible.
  • Keep written records of all donations. The IRS requires you to have a bank record or written documentation from the charity that show the amount, date, and name of the charity. If the gift is over $250, you will also need a written acknowledgment from the charity that shows any consideration you received in exchange for the donation.
  • If you want your donation to count for the 2015 tax year, make sure that your credit card is charged or the check mailed by December 31.
  • In-kind goods like household items, furniture, and electronics must be in good used condition to qualify for a deduction. For big-ticket items, you can include a qualified appraisal with your tax return.

 For more information about charitable gifts and other tax deductions, please contact a qualified tax professional.[1]

Footnotes, Disclosures & Sources

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