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IRS Tax Tips for Year End Gifts to Charity

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Tax Assistance Group
Tax Assistance Group

Many people give to charity each year, There are several tax rules that you should know about before you give. Here are six tips from the IRS that you should keep in mind.

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Source: Six IRS Tips for Year-End Gifts to Charity IRS Special Edition Tax Tip 2014-23, November 17, 2014 www.irs.gov/uac/Six-IRS-Tips-for-Year-End-Gifts-to-Charity www.taxassistancegroup.com
Only Deduct Qualified Charity Gifts You can only deduct gifts you give to qualified charities. Remember that you can deduct donations you give to churches, synagogues, temples, mosques and government agencies. This is true even if Select Check does not list them in its database.
Monetary Donations Gifts of money include those made in cash, by check, electronic funds transfer, credit card or payroll deduction. No matter how much or how little money you give, you must always have a bank record or written statement from the charity in order to deduct the gift.
Donating Household Items Charities usually prefer to receive cash, but many people like to donate household goods like clothing, furniture, and electronic equipment. You can deduct the fair market value of such items, provided they are in at least good used condition.
Maintain Records You must get an acknowledgment from a charity for each deductible donation (either money or property) of $250 or more. This statement is in addition to the records required for deducting cash gifts.
Time limits for Year-End Gifts You can deduct contributions only for the year you make them. If you charge your gift to a credit card before the end of the year it will count for 2014. This is true even if you don’t pay the credit card bill until 2015. Also, a check will count for 2014 as long as you mail it in 2014.
Special Rules for Donating Automobiles There are special rules you and the charity need to follow if you donate a car, boat, or airplane to charity. Whenever a donated vehicle is sold for more than $500, the charity must provide the donor and the IRS with a written acknowledgment within 30 days after the sale.
IRS Tax Tips for Year End Gifts to Charity

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IRS Tax Tips for Year End Gifts to Charity

  • 1. Source: Six IRS Tips for Year-End Gifts to Charity IRS Special Edition Tax Tip 2014-23, November 17, 2014 www.irs.gov/uac/Six-IRS-Tips-for-Year-End-Gifts-to-Charity www.taxassistancegroup.com
  • 2. Only Deduct Qualified Charity Gifts You can only deduct gifts you give to qualified charities. Remember that you can deduct donations you give to churches, synagogues, temples, mosques and government agencies. This is true even if Select Check does not list them in its database.
  • 3. Monetary Donations Gifts of money include those made in cash, by check, electronic funds transfer, credit card or payroll deduction. No matter how much or how little money you give, you must always have a bank record or written statement from the charity in order to deduct the gift.
  • 4. Donating Household Items Charities usually prefer to receive cash, but many people like to donate household goods like clothing, furniture, and electronic equipment. You can deduct the fair market value of such items, provided they are in at least good used condition.
  • 5. Maintain Records You must get an acknowledgment from a charity for each deductible donation (either money or property) of $250 or more. This statement is in addition to the records required for deducting cash gifts.
  • 6. Time limits for Year-End Gifts You can deduct contributions only for the year you make them. If you charge your gift to a credit card before the end of the year it will count for 2014. This is true even if you don’t pay the credit card bill until 2015. Also, a check will count for 2014 as long as you mail it in 2014.
  • 7. Special Rules for Donating Automobiles There are special rules you and the charity need to follow if you donate a car, boat, or airplane to charity. Whenever a donated vehicle is sold for more than $500, the charity must provide the donor and the IRS with a written acknowledgment within 30 days after the sale.