Charitable contributions:?

Question

The new IRS tax law said you must have reciepts for charitable contributions after Augusy 2006 does that mean you can claim contributions up to that point? But not after? This is very confusing for me.

Answer 1

No, you can claim whatever you actually donated either before of after the deadline. But after the cutoff the rules changed for having receipts, and you need them for everything. Before that, you could deduct amounts that you donated that you had other supporting evidence for, but not receipts, and could write off cash donations like a few bucks tossed into the Salvation Army kettles.

Answer 2

For a contribution of $250 or more, you can claim a deduction only if you obtain a written acknowledgment from the qualified organization. You generally can deduct your cash contributions as well as the fair market value of any property you donate to qualified organizations. The fair market value of most household or personal items is generally much less than the price paid when new. You should claim only what the item would sell for at a garage sale, a flea market, or a second hand or thrift store. You must fill out Form 8283 (PDF) Section A, if your total deduction for all noncash contributions is more than $500. If you make a contribution of noncash property worth more than $5,000, generally an appraisal must be done. In that case, you must also fill out Form 8283 Section B. Attach Form 8283 to your return. For more information on this requirement, refer to Publication 526.

http://www.irs.gov/publications/p526/index.html

Answer 3

NOPE. Charitable contributions must be to a charitable company, and also you're not any further. no longer charitable in least, perhaps lease, which isn't deductible. Donor can not get take advantage of contributions and he's getting living area! he's suffering the organic results of a historic previous of creating poor monetary judgements, such that he couldn't be on loan. with any success he's engaged on that! in case you've been married, you'll report a joint go back with him and he'd get earnings of itemizing that you will be able to possibly be doing. besides the undeniable fact that, in case you 2 offered in July 2008 and are both in identify, you're eligible to each and each and every get your percentage of the $7500 first time homebuyer's credit, once you're both first-time sources vendors. it is a non-interest bearing personal loan payable in $500 increments over 15 years, a highly solid deal! placed ALL or lots of the money onto added important funds, increasing your fairness in domicile, reducing dramatically your interest funds over the existence of the deepest loan. besides the undeniable fact that perhaps he ought to apply his percentage to freshen up his delinquencies and advance his credit so as that once he's raised his score, you 2 ought to refi with him on loan. ought to ask for an IRS letter ruling about his actual to take 0.5 the interest deduction considering he's in identify even besides the undeniable fact that he's not legally sure on loan. some indications they might rule in his want, yet without it, answer is not any.