Charitable Deductions

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Tuesday Tax Time: Bullet Proof Your Charitable Deductions

June 23, 2009 by thriveal | No comments

Did you know that you can’t deduct charitable deductions over $250 unless you have proper substantiation?  Here are some things you can keep on hand just in case the IRS asks:

1.  bank statements

2.  written communication from the charity stating (1) the name of the charity, (2) the date of the contribution and (3) the amount.

3.  credit card statements

4.  cancelled checks

5.  printouts of online donations

But keep in mind, most of these methods will only substantiate donations claimed UNDER $250.  The only thing that will substantiate a deduction in the eyes of the IRS over $250 is a receipt from the charity (#2 above).