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Topic: Tax Receipts for Charity Donations?  (Read 1055 times)
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craftADDchick
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« on: March 04, 2007 08:25:19 AM »

I did a search, but didn't come up with anything, so if this topic already exists, please let me know where and this one can be deleted).

My tax person (a.k.a. Mom) said that the IRS is really cracking down on people having  receipts for donations to charity. Does anyone know how one goes about getting a receipt for donated hand-made goods?

Many of the items I'm making come from materials I've had for a while, and I don't have the receipts for those. From now on, I guess, I could start saving the receipts for the "raw materials," but how do I prove that the goods were made and donated? And, what about the increase in the value of the FO?

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mrs.veghead
« Reply #1 on: March 05, 2007 05:52:44 PM »

Here is some further tax related information....Hope it helps!

I should start by stating the obvious:  You can only claim deductions for donations made to non-profit organizations.  If you're not sure if the group, organization or agency is a non-profit...ASK Smiley

How can I take a deduction for my donation? To claim a deduction, you will need to fill out a 1040 Form, which is available through the IRS website (www.irs.gov), and itemize your deductions on Schedule A. If you fill out the short form or take standard deductions, you cannot claim your contributions.

Do I need a receipt for donations I make? The IRS doesn't require receipts for cash donations under $250, but you should keep donation information on file. Cash contributions of $250 and over require an acknowledgement that must be sent to the IRS with your tax returns.

Do I need any acknowledgement for donations under $250? Though the IRS doesnt require receipts for donations under $250, it is a good idea to keep this information on file. Be sure to keep the canceled check, credit card statement, or email receipt from the organization to which you donate. Always note the donation amount, the date of the contribution, and the name of the charity.  You can gather this information from a coordinator or the agency that you're donating to specifically.  You do not need to provide the actual receipts for the materials that you used, but for the overall product that you donated. 

For donations over $250, what information does the receipt need? The receipt needs to record the donation amount, the date the donation was made, and the name of the charity, as well as a written acknowledgement from the organization of any property or services that you may have received in return for your donation and an estimate of their value. The IRS should acknowledge an email receipt as an acceptable record of donation, but to be certain, always consult your tax advisor.

Can I receive a tax deduction for a donation to an overseas nonprofit organization?  If you want to take a deduction for your donation, be sure to donate to a charity registered in the United States. That doesn't mean you can't give to an organization that has an international scope, such as CARE or Save the Children. You just have to make sure the charity is registered in the U.S. as both of these charities are if you want to take the deduction.
« Last Edit: March 05, 2007 05:59:11 PM by mrs.veghead » THIS ROCKS   Logged
craftADDchick
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« Reply #2 on: March 13, 2007 02:23:18 PM »

Thanks for the info mrs.veghead! I really need to get a little file box going to keep my tax receipts in. Now that I have a house and it's actually worth it to itemize, I shouldn't be tossing all my scraps and such!

Hmmm...perhaps a little box crafting is in order....
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myweefeet
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« Reply #3 on: March 17, 2007 08:24:11 AM »

that is great information, thanks for sharing that!
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Valerie
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mrs.veghead
« Reply #4 on: March 19, 2007 08:19:58 AM »

You're all very welcome!

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