Itemizing charitable contributions
Mel S. of Port St. Lucie, Florida, wanted to learn more about documenting charitable contributions used as deductions on his federal taxes...
Q: If I donate my car to a qualified charity, do I need any forms or receipts to claim this on my taxes?
A: If your deduction claim is more than $500, you need to use IRS Form 8283, for Noncash Charitable Contributions. If you claim a total deduction of $5,000 or less for all contributed property, you only have to complete Section A of that form.
But if your deduction is for more than $5,000 for a single item or group of similar ones, you'll also need to complete Section B. This typically requires a professional appraisal of your donation.
According to the IRS, you need to obtain and keep evidence (a receipt) of your car donation and be able to prove the fair market value of the car. If you are claiming a deduction of $250 or more for the car donation, you'll also need a written record from the charity that includes a description of the car and a statement of whether the charity provided any goods or services in return for the car, their value, etc.
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Q: If I donate my car to a qualified charity, do I need any forms or receipts to claim this on my taxes?
A: If your deduction claim is more than $500, you need to use IRS Form 8283, for Noncash Charitable Contributions. If you claim a total deduction of $5,000 or less for all contributed property, you only have to complete Section A of that form.
But if your deduction is for more than $5,000 for a single item or group of similar ones, you'll also need to complete Section B. This typically requires a professional appraisal of your donation.
According to the IRS, you need to obtain and keep evidence (a receipt) of your car donation and be able to prove the fair market value of the car. If you are claiming a deduction of $250 or more for the car donation, you'll also need a written record from the charity that includes a description of the car and a statement of whether the charity provided any goods or services in return for the car, their value, etc.
posted by Scott at
7:06 AM
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