of every item that is deducted on a tax return albeit charitable deduction or otherwise. You need to provide proof.
The written acknowledgment required to substantiate a charitable contribution of $250 or more must contain the following information:
Name of the organization.
Amount of cash contribution.
Description (but not value) of non-cash contribution (i.e., 200 shares of Apple Stock)
Statement that no goods or services were provided by the organization if that is the case.
Description and good faith estimate of the value of goods or services (advertisement/sponsorship), if any, that organization provided in return for the contribution
Statement that goods or services, if any, that the organization provided in return for the contribution consisted entirely of intangible religious benefits.
In addition, a donor may claim a deduction for contributions of cash, check, or other monetary gifts only if the donor maintains certain written records and receives no other benefit from the contribution.
I cannot deduct for full cost of a $500 a plate charity dinner. Impossible. Unless I received no food, did not attend or did not receive any benefit ( a concert, etc). The charity will send me a letter detailing the amount of the $500 that may be deductible. It is not up to me. That's like letting the inmates run the asylum. I will submit the letter to my CPA, otherwise without proof no deduction is allowed. Period. Fact. Case closed.
Additional Information:
Publication 1771PDF, Charitable Contributions - Substantiation and Disclosure Requirements |
