If you donated money to charity, you’ll need these records

Standard

If you plan on deducting charitable contributions on your 2017 tax return, you’ll need to have certain records. Gifts by check or credit/debit card must have written documentation showing the contribution amount and date, as well as the name of the organization you gave to. If the contribution is more than $250, you’ll also need a written acknowledgement from the charity created at the time you made the donation.

There are several tables online to help you determine the value of non-cash items you have donated. They are never worth what you think they are as they use the thrift shop value for most items. A good list of exactly what you donated with reasonable values assigned is the best defense against an audit.

If you receive something in return for donating, you can deduct only the difference between the contribution amount and the value of the benefit you received in return. Give us a call if you have questions about deducting your charitable contributions

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