Charitable Deductions

Question 0

What charitable organizations do not have to obtain 501(c)3 status, and yet still can receive tax deductible contributions?

Answer 0

Churches, and certain other religious organizations.

Question 1

What section of the IRS code is related to officially tax exempted organization?

Answer 1

501(c)3

Question 2

What is the maximum allowable IRS contribution amount without providing documentation?

Answer 2

$250

Question 3

What documentation is needed for non-cash contributions of the following amounts:
$1 to $500
Over $500
Over $5,000

Answer 3

A.) Must have documentation from charity
B.) Must have documentation from charity and file Form 8283
C.) Must have documentation from charity, file Form 8283, plus have an appraisal

Question 4

T or F - For all non-cash contributions, donations must reflect Fair Market Value of the item (non replacement value)

Answer 4

True

Question 5

What documentation of cash contributions to charity are acceptable to the IRS?

Answer 5

Any of the following, ideally more than one:

Cancelled checks, bank statements, credit card statements, receipts or thank you letters from the charity.