The consulting firm Grant Thornton gives these tips for claiming a charitable contribution deduction:
Get a receipt for contributions of cash or property.
Know reporting forms vary depending on your donation. For example, a gift of property in excess of $500 requires Form 8283. If the property gift is in excess of $500,000, a qualified appraisal must be attached to your income tax return.
Understand that deductions are only given up to a certain percentage of your adjusted gross income — usually 20 to 50 percent. You can carry over the excess for five years.
Make sure your donations are made to an organization qualified by the IRS .
Do not include raffle tickets or bingo. Tickets to fundraising events can be deducted if the charity provides a monetary value that’s less than what you paid.
Associated Press
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