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Video instructions and help with filling out and completing Non cash charitable contributions worksheet
Instructions and Help about Non cash charitable contributions worksheet
You one of the things I've seen in recent court cases is that charitable contributions seems to be a focus area particularly in the documentation side yes and I agree with that I think that the the IRS has realized it's an area that's been that's been abused for a long time the they started out some years ago sending blanket letters to people to say that basically we're denying your deduction if you want any of these charitable contributions you have to send us all the material it's what what we refer to from time to time is a program that they've been running and and they tend to be effective it allows them to get to to the meat of the problem so I think out of that we see this push for the documentation now that never was nearly a strident it used to be that you could use a council check a credit card receipt but now it requires acknowledgment from the organization that you have made a payment to them that you've not received anything in return or if you have received something in return they have to value it and that reduces your deduction for example a charity has to say what was given how much when you mentioned the goods or services and the receipt has to be received by the person taking the deduction before they file their tax returns right so you can't go back two or three years later when I RS chooses to audit you and get the receipt at that point the receipts have to match at the time you file the return right that is a requirement that and the IRS is winning in court cases on this for the contemporary contemporaneous reporting requirement the other thing I've seen a lot of clients take are the non cash or goods charitable contributions really popular ones would be things like goodwill or the Salvation Army where they're donating clothing or household goods and a lot of people are surprised when I tell them that they actually have to have a lot more information than just their listing or just their ewhat are you seeing in that area we have I would tell you that most clients we do a large 1040 practice and most clients have at least some level of that type of a deduction and what we're also seeing is that it tends to be fairly lacking the information that they'll get from an organization is usually fairly thin they're often not signed they're not data they may not have a listing of the materials that are given and and then of course once you get beyond that hurdle you have to have a valuation which is a little bit problematic as well so people will often give us a fair market value of what the what of what the purchase price of what they've given and then leave the fair market value up.