|
Amount |
Documentation |
Substantiation |
|
Cash donations of less than $2501 |
Bank record |
Includes cancelled check, bank, credit union, credit card statement, showing name and transaction posting date (credit card) |
|
Written communication from charity |
Name of charity, date and amount of contribution |
|
Payroll deduction |
Pledge card and pay stub, W-2 wage statement or other document furnished by employer including total amount withheld for charity |
|
Cash donations of $250 or more |
Written acknowledgement from the charity for each donation |
Name of charity, date, amount contributed, description (but not value) of goods or services provided by the charity |
|
Noncash contributions of less than $250 |
Receipt from done or reliable records |
|
|
Property donations greater than $250 and not more than $500 |
Contemporaneous written acknowledgement |
Name of charity, date, amount paid, description (but not value) of goods or services provided by the charity. |
|
Property donations greater than $500 and not more than $5,0002 |
Written acknowledgement |
All of the above, plus:
· How you got the property;
· Date you got the
property; and
· Cost or other basis.
Must file form 8283 |
|
Donations of $5,000 or more excluding stock, certain works of art, and autos3 |
Qualified appraisal |
Attach appraisal to return |
|
Donations of art valued at $20,000 or more |
Signed appraisal and photograph |
Attach, signed appraisal to return and provide photograph of sufficient quality and size to fully show object if requested by IRS. |
|
Stock of publicly traded corporation |
No appraisal required if as of date of the contribution market quotations are readily available on an established securities market.4 |
Attach Form 8283 to return |
|
Non-publicly traded stock |
Contributions greater than $5,000 and less than or equal to $10,000 |
A partially completed appraisal summary; complete Form 8283, Part I |
|
Contributions greater than $10,000 |
Attach qualified appraisal to return |
|
Vehicle, boat, and airplane with value of more than $5005 |
Value is the lesser of the gross sale proceeds or the FMV of the vehicle if no ?significant use or material improvement? |
Taxpayer needs contemporaneous written acknowledgement from donee organization; done organization must use Form 1098-C to report value of vehicle donations, which can be used to provide acknowledgement to the donor |
|
These rules apply to individuals making qualified contributions to 501(c)(3) organizations. Additional rules apply when gifting a partial or restricted interest, gifts via trusts, and gifts with remainder interest. |
|
1 IRC §170(f)(8) 4 IRC §170(f)(5)
2 IRC §170(f)(11)(B) 5 IRC§ 170(f)(12)
3 IRC §170(f)(11)(C) |
