When giving a gift to charity or your church, no matter how big your donation may be, be sure to take into account these tips:
- Donate to a qualified charity. If they do not have their tax exemption from the IRS, you cannot deduct your donation.
- You can deduct your donations, whether in cash or property, by itemizing on your tax return.
- Get nothing back. If you receive something in return for your donation, then the value that you received cannot be deducted.
- Keep good records. In order to deduct a donation, you must keep records to prove that the donation was actually made.
- More paperwork. If you donate $250 or more in cash or property, you must receive a written statement from the charity.
If you are having tax trouble, feel free to contact our office at 816-524-4949 or www.Hoorfarlaw.com.