- Deduct your donationmoney image by Horticulture from Fotolia.com
If you have made a donation to a charitable organization, you might be able to claim a deduction on your 2010 tax return. You must file a form 1040 in order to take this deduction. You generally can deduct your cash contributions and the fair market value of most property you donate to a qualified organization. Deductions more than $250 must be supported by a written receipt from the organization. Deductions more than $500 also require filing of form 8283. For deductions of non-cash property worth more than $5,000, you must obtain an appraisal and also fill out Section B of Form 8283 and attach the form to your return. According to the IRS, the receipt must contain the following information. - Your receipt must contain the name of the organization and date of the donation.
- The receipt must state the amount of cash or a description of the property donated.
- The receipt must state whether any goods or services were exchanged for the donation. For example, you donated $50 to an organization and you received a meal valued at $10 in exchange for your donation. In this case, you would only be able to deduct $40 for your donation.