Business & Finance Taxes

Requirements for Receipts by Charitable Organizations

    • 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.

    Organization Name and Date

    • Your receipt must contain the name of the organization and date of the donation.

    Description

    • The receipt must state the amount of cash or a description of the property donated.

    Goods or Services

    • 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.

Related posts "Business & Finance : Taxes"

The Use of Depreciation Expense to Capital Expenditures

Taxes

How Much Does a Surgical Technician Earn in Dallas, Texas?

Taxes

What Determines Whether the IRS Audits You?

Taxes

Tax consultant: help you in tax benefit

Taxes

Tax Filing Jamaica : Time is running short for Mortgage Forgiveness Debt Relief Act of 2007 getting

Taxes

Documents Needed For Tax Preparation

Taxes

Income Taxes - Can You Write-Off These Deductions on Your Return?

Taxes

How To Deal With The IRS When You Have Real Estate Problems

Taxes

What happens if you prepare your taxes not on time?

Taxes

Leave a Comment