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October 14, 2010

Make a Non-Cash Charitable Donations

Year after year, this is the number one tax strategy that tax payers who itemize fail to consider. To claim the deduction, the donations must be substantiated by a written receipt that includes the name of the charity, dates and location of the donation, and a reasonably detailed description of the property donated. If the value of the donated items is less than $250, a receipt is not required. For items with a total value more than $500, you will need to file Form 8283 and you may need a qualified appraisal for donating items or a group of items valued at more than $5000. For the Salvation Army’s Non-Cash Charitable Donation Valuation Worksheet, to help you value your donations, click here.

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