This form is a sample letter in Word format covering the subject matter of the title of the form.
This form is a sample letter in Word format covering the subject matter of the title of the form.
Charitable contributions or donations can help taxpayers to lower their taxable income via a tax deduction. To claim a tax-deductible donation, you must itemize on your taxes. The amount of charitable donations you can deduct may range from 20% to 60% of your AGI.
There are several details that the IRS requires you to include: The name of your donor. The full legal name of your organization. A declaration of your organization's tax-exempt status. Your organization's employer identification number. The date the gift was received. A description of the gift and the amount received.
Technically, if you do not have these records, the IRS can disallow your deduction. Practically, IRS auditors may allow some reconstruction of these expenses if it seems reasonable.
However, you should be able to provide a bank record (bank statement, credit card statement, canceled check or a payroll deduction record) to claim the tax deduction. Written records, like check registers or personal notations, from the donor aren't enough proof. The records should show the: Organization's name.
For noncash donations under $250 in value, you'll need a receipt unless the items were dropped off at an unstaffed location such as a clothing bin. Noncash donations from $250 to $500 in value require a receipt that includes the charity's name, address, date, donation location, and description of items donated.
Proof can be provided in the form of an official receipt or invoice from the receiving qualified charitable organization, but it can also be provided via credit card statements or other financial records detailing the donation.
You are required to provide this information regardless of the amount of the donation. If you are making a noncash charitable donation you will be required to complete Form 8283: Noncash Charitable Donations and attach it to your tax return if your noncash donation is greater than $500.
However, you should be able to provide a bank record (bank statement, credit card statement, canceled check or a payroll deduction record) to claim the tax deduction. Written records, like check registers or personal notations, from the donor aren't enough proof. The records should show the: Organization's name.