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Tax Tips

IRS Tax Tips for Deducting Gifts to Charity

1. Give to qualified charities.  You can only deduct gifts you give to a qualified charity. 

2. Keep a record of all cash gifts. Gifts of money include those made in cash or by check, electronic funds transfer, credit card and payroll deduction.

3. Household goods must be in good condition. Household items include furniture, furnishings, electronics, appliances and linens. These items must be in at least good-used condition to claim on your taxes.

4. Additional records requirement. You must get an acknowledgement from a charity for each deductible donation (either money or property) of $250 or more.

5. Year-end gifts. Deduct contributions in the year you make them.

6. Special rules.  Special rules apply if you give a car, boat or airplane to charity. If you claim a deduction of more than $500 for a non-cash contribution, you will need to file another form with your tax return.