Charitable Contributions Recordkeeping Requirements

Ensure your charitable contributions are properly documented to maximize your tax deductions. This guide provides detailed recordkeeping requirements for cash and noncash donations, including thresholds for receipts and written acknowledgments. Learn what information is necessary for different types and amounts of contributions to stay compliant with IRS regulations.

Highlights:

• Cash Contributions: Requirements for receipts and bank records based on contribution amounts.

• Noncash Contributions: Documentation needed for noncash items, including valuation methods and required receipts.

• Special Situations: Guidelines for donations over $5,000, including the need for appraisals and Form 8283.

• Travel and Out-of-Pocket Expenses: Rules for deducting expenses incurred while volunteering.