T’is the season for
donating gifts to your favorite charities! If you plan to deduct any of your
charitable donations on your 2015 tax return, hopefully you kept good records
throughout the year and any receipts (whenever possible) from charitable
organizations. Below are just a few basic reminders about charitable gifts:
No QCDs. The Qualified Charitable Distribution option
for IRA owners was not extended through 2015. Hopefully we will see this
marvelous option make a permanent comeback!
Did you donate to a qualified charity? The
charity must be an eligible charity for your gift to be tax-deductible.
Churches, temples, synagogues, mosques and government agencies are always
eligible.
Gifts are deductible for the year in which it was made. As
long as your check was mailed in 2015, it will count as a 2015 donation. Many
people also use credit cards to make a charitable donation. As long as it was
charged in 2015, it will count for 2015 (even if you still have an outstanding
credit card balance for the donated amount in 2016).
Keep Good Records. Keep track of and save detailed
receipts for all donations of property, including clothes, appliances or other
tangible items. If a donation is left at a charity’s unattended drop site, you
must keep a written record including the name, date, fair market value (FMV)
and method of FMV calculation used.
Did you donate property valued in excess of $250? Additional
rules apply for a contribution of $250 or more.
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