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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:

  1. Give to qualified charities. 
  2. Keep a record of all cash gifts.
  3. Household goods must be in good condition.
  4. Get an acknowledgement form from a charity for each deductible donation of $250 or more.
  5. Deduct contributions in the year you make them.
  6. Special rules apply if you give a car, boat or airplane to charity.

Learn more about these IRS tips here.

Categories: Tax, Tax-Exempt Organizations

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John brings a unique perspective to Foster Swift with his practical experience as an entrepreneur, business owner, and manager.  He focuses in the areas of business, tax, intellectual property and entertainment.

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