Non-cash charitable contributions can be of great benefit at tax time. However, both donors and the recipients frequently overlook required IRS rules which could would to the taxpayer’s detriment. In addition, the taxpayer frequently may often understate the deductible amount of the contribution.
In order to deduct a contribution of $500 or more, the donor must list the property being donated, the date of the donation, as well as the name and tax ID number of the organization. This should be recorded on Form 8283. It has been my experience that many organizations do not make the tax ID number readily available to the donor. It should be placed on the receipt for the donation to make it easier for the donor to properly claim the contribution. When the number is not available, an Internet search may often yield Read more