Tax Law Blog
IRS Releases Tax Tips for Deducting Gifts to Charity
The holiday season is well underway and if you plan on donating money or property to a charity this year, you are going to want to know these six tips before you give. The IRS recommends that you should keep these in mind:
- Give to qualified charities.
- Keep a record of all cash gifts.
- Household goods must be in good condition.
- Get an acknowledgement form from a charity for each deductible donation of $250 or more.
- Deduct contributions in the year you make them.
- Special rules apply if you give a car, boat or airplane to charity.
Categories: Tax-Exempt Organizations
