| Many
people give money or property items to charity in
order to help out a good cause. The money or
property items you donate are tax deductible,
provided you give to an authorized charity.
If you are giving a
small donation less than $250, a receipt for the IRS
is not required. However, it is always a good idea
to get a receipt for all types of donations and keep
a good record.
In order for a tax
deduction to be valid, a charitable organization
must be classified as a 501(c) organization by the
IRS.
If you are making
larger donations for property, such as expensive
automobiles or property, you will need a certified
appraisal.
You will need to
itemize your tax deductions on the 1040 form, and
need to separate your cash donations from your
property. The IRS expects you to file for the tax
deduction in the same year as the donation. |
