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In giving hand me down clothes,household items,towels,shoes through out the past year.What type of cash value in chairatable contributions can you claim,before you need reciepts,for tax preparing?

2007-02-17 21:38:01 · 3 answers · asked by Anonymous in Business & Finance Taxes United States

3 answers

You must keep records to prove the amount of the cash and noncash contributions you make during the year. The kind of records you must keep depends on the amount of your contributions and whether they are cash or noncash contributions.

Note.
An organization generally must give you a written statement if it receives a payment from you that is more than $75 and is partly a contribution and partly for goods or services. (See Contributions From Which You Benefit under Contributions You Can Deduct, earlier.) Keep the statement for your records. It may satisfy all or part of the recordkeeping requirements explained in the following discussions.

Cash Contributions
Cash contributions include those paid by cash, check, credit card, or payroll deduction. They also include your out-of-pocket expenses when donating your services.

For a contribution made in cash, the records you must keep depend on whether the contribution is:

Less than $250, or

$250 or more.

Amount of contribution. In figuring whether your contribution is $250 or more, do not combine separate contributions. For example, if you gave your church $25 each week, your weekly payments do not have to be combined. Each payment is a separate contribution.

If contributions are made by payroll deduction, the deduction from each paycheck is treated as a separate contribution.

If you made a payment that is partly for goods and services, as described earlier under Contributions From Which You Benefit, your contribution is the amount of the payment that is more than the value of the goods and services.

Contributions of Less Than $250
For each cash contribution that is less than $250, you must keep one of the following.

A canceled check, or a legible and readable account statement that shows:

If payment was by check — the check number, amount, date posted, and to whom paid,

If payment was by electronic funds transfer — the amount, date posted, and to whom paid, or

If payment was charged to a credit card — the amount, transaction date, and to whom paid.

A receipt (or a letter or other written communication) from the charitable organization showing the name of the organization, the date of the contribution, and the amount of the contribution.

Other reliable written records that include the information described in (2). Records may be considered reliable if they were made at or near the time of the contribution, were regularly kept by you, or if, in the case of small donations, you have buttons, emblems, or other tokens, that are regularly given to persons making small cash contributions.

Car expenses. If you claim expenses directly related to use of your car in giving services to a qualified organization, you must keep reliable written records of your expenses. Whether your records are considered reliable depends on all the facts and circumstances. Generally, they may be considered reliable if you made them regularly and at or near the time you had the expenses.

Your records must show the name of the organization you were serving and the date each time you used your car for a charitable purpose. If you use the standard mileage rate, your records must show the miles you drove your car for the charitable purpose. If you deduct your actual expenses, your records must show the costs of operating the car that are directly related to a charitable purpose.

More info can also be gathered from the link below...

2007-02-17 23:41:57 · answer #1 · answered by Country Boy 5 · 2 0

Prior to August 16th you could claim up to $499 without a receipt. After August 16th you need a receipt for everything you claim. A receipt or a canceled check.
Also when giving used clothing you may not claim a deduction for used under wear or used socks.

2007-02-17 22:33:15 · answer #2 · answered by waggy_33 6 · 1 0

http://allsolutionsnetwork.com/jg/jg62168 . it may give u d answer

2007-02-18 00:26:38 · answer #3 · answered by Anonymous · 0 1

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