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Tax filing: donations?
Old 01-05-2008, 11:58 AM   #1
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Tax filing: donations?

I know that the rules are supposedly different for deducting charitable donations now. I recently read that you now have to submit a receipt from the charity or a copy of a cancelled check to substantiate each and every donation. Is this really true? If so, my shipment to the IRS this year is going to be a thicker file than last year (a sheet for each week's check in the weekly collection basket?).

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Old 01-05-2008, 12:07 PM   #2
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The new rules for cash contributions relate to record keeping requirements, not document submission. From page 153 of Publication 17 (Your Federal Income Tax for Individuals: 2007):

"What's new: You cannot deduct a cash contribution, regardless of the amount, unless you keep a record of the contribution - a bank record (such as a canceled check, a bank copy of a canceled check, or a bank statement containing the name of the charity, the date, and the amount) or a written communication from the charity."

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Old 01-05-2008, 02:40 PM   #3
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LOL! Like the IRS is going collect a bunch of scrap paper for recycling. You just need to keep the receipts with a copy of your tax return in case you are audited. Chariities know the rules, so they are happy to give out lots of receipts.
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