Gifts to Charity: 6 Facts

Taxpayers who plan to claim a charitable deduction on their tax return must do two things:

• Have a bank record or written communication from a charity for any monetary contributions
• Get a written acknowledgement for a single donation of $250 or more

Six things for taxpayers to remember:

1. Make single donation of $250 or more must have:

• A separate acknowledgement for each donation of $250 or more
• One acknowledgement listing he amount and date of each contribution of $250 or more

2. The $250 threshold doesn’t mean add up separate contributions of less than $250 throughout the year.
3. Contributions by payroll deduction are separate contributions each pay period
4. If a payment that is partly for goods and services, deductible contribution is the amount of the payment that is more than the value of those goods and services
5. Acknowledgement on or before the earlier of these two dates:

• Date they file their return for the year in which they make the contribution
• Due date, including extensions, for filing the return

6. If acknowledgment doesn’t show the date of the contribution, must also have a bank record or receipt that does show the date.