How detailed should the information be that I provide to the IRS for charitable deductions?
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If your charitable donations are other than cash, and are valued over $500.00, a separate form needs to be filed. My suggestion is to ensure whatever you report to the IRS you are able to back up with receipts and documented inventory of the items donated.Leave a Comment 407 weeks ago
Only in America: For non-cash contributions, regardless of size, consider the following: Take pictures of all the items that show the 'best side' of the major items. Research on the internet the current FMV of each major item - eBay is a good place to start - and print out those displays that give the 'going' price. Your display should contain the date you did the research and print. The Salvation Army has an exceptional document you can download that gives current 'low to high' values based on their research. Keep all this in a safe place (if you're paperless you might consider developing this on a CD) for a period of time you feel secure with. IRS has other instructions you will want to learn and abide by. Other than that . . . pray for a non-event.Leave a Comment 407 weeks ago