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Charitable Contribution Reminders

Posted by Mike C Posted on Dec 18 2013
As year-end approaches, the IRS offers several reminders on the rules applicable to individuals and businesses making charitable contributions. In order to deduct a monetary donation of any amount, the taxpayer must have written communication from the charity, a bank statement, or a credit card statement. A taxpayer must receive written acknowledgment from the charity for donations of $250 or more. 
Additional reminders include: 
(1) contributions are deductible in the year made, including donations charged to a credit card before year end, 
(2) only contributions to eligible charities are deductible (the IRS has a searchable database on ), 
(3) individuals must itemize deductions to claim a charitable contribution deduction, 
(4) deductions for cars, boats, or planes are generally limited to the gross proceeds from their sale, and 
(5) a completed Form 8283 must be filed with a return claiming total noncash contributions of more than $500.