Summer Tax Savings - Recordkeeping Requirements For Noncash Charitable Donations

The IRS does mandate the recordkeeping2. $250 to $500: you must receive a written statement
requirements for non-cash charitable contributions. Thefrom the organization containing the following
purpose of this article is to help you understand whatinformation:
those requirements are, so you can take a deduction- name of organization
for donating "old stuff" to charity, without any fear of- address of organization
an IRS audit.- date
Generally speaking, you must keep a written record of- place
the following information for each gift:- description
1. Name of charitable organization- whether the donor received any goods or services in
2. Dateexchange for the donation and the fair market value
3. Placeof those goods or services
4. Description3. $501 to $5,000: you must receive a written
5. Fair market valuestatement from the organization with the same
6. Method of determining fair market valueinformation listed above for a $250-$500 donation.
7. Original costFurthermore, you must also keep of record of when
More specifically, the rules actually vary depending onyou bought the gift, its original purchase price, and how
the fair market value. And what about getting ayou bought it.
receipt? Here's a more detailed explanation of the IRS'4. Greater than $5,000: you must have the same
documentation rules:documentation as the $501-$5,000 donation, and you
1. Under $250: you don't need a receipt when youwill probably also need a written appraisal. For details
leave the donation at the organization's unattendedon this, see IRS Publication 561, Determining Value of
drop-off location. But just to be safe, if the gift is underDonated Property, available for free at the IRS
$250 and you can get a receipt, go ahead and getwebsite.
one.