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Posted by Red Merkin on April 14, 2006, 4:23 am
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How would I handle multiple goods contributions to a charity
that all would total over $250.00? In other words, say I
donate clothing, appliances, etc., to the "XYZ Authorized
Charity" in February and the total fair value is $150.00. No
itemization/documentation needed. Then, in June or July, or
somewhere down the road, I donate another $150.00 or $200.00
worth. My total for the year would be a figure that would
necessitate itemization, documentation, etc., etc.. The
charity, like most, does not give itemized documentation
(unless they're really big buck contributions). What do I
need to do to receive full value for my contributions?
I apologize if the question may not be really clear, or the
language correct, but this is the best I can present it.
TIA
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Posted by bono9763@yahoo.com on April 17, 2006, 10:35 pm
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You need a receipt for any single donation over $250. If
multiple donations, each less than $250, add up to more than
$250, you still don't need a receipt. However, for non-cash
donations, if the total of your donations is over $500, you
have to itemize those donations on a special form to be
submitted with your tax return. It's always best to get a
receipt when you can, so you can document your donations.
Dennis
<< ======================================================= >>
<< The foregoing is intended for educational purposes only >>
<< and does NOT constitute legal OR professional advice. >>
<< >>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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