NONCASH CHARITABLE CONTRIBUTIONS: Colder weather is upon us, and the winter clothes are coming out of storage. This is a good time to sort through any spring & summer clothes, toys or other items to consider contributing that may qualify as a tax deduction. Here are a few ground rules: 1) The contribution must be made directly to a qualified charitable organization in order to be tax deductible. (Gifts to help individuals in need is a kind and worthy gesture - however these contributions would not qualify as a tax deduction.) 2) Gift amounts exceeding $250 require a written receipt from the donee organization. 3) Gift amounts exceeding $500 require a qualified appraisal of the donated property. (I recommend asking the donee organization to place and record a value of the contributed items on the receipt.) So, complete your winter purge, take the items to a qualifying charity (some organizations will come to your house to pick them up), and make sure you get a receipt and save it with your other tax documents.
Posted on: Tue, 29 Oct 2013 01:39:26 +0000
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