How should one report non-cash contributions?

How should one report non-cash contributions?

  • May 19, 2020
  • David Greene
  • Comments Off on How should one report non-cash contributions?

Keeping proper records to support contributions claimed as a tax deduction can be tricky.  If you claim cash contributions, you must have a receipt from the charitable group to whom you gave the contribution.  Also, the gift must be to a recognized (Section 501 (c)) charity.   For example, a gift to a minister personally generally is not deductible, but a gift to the church is.  For non-cash contributions, if the value of the contribution is more than $5,000.00, the donor must obtain a qualified appraisal and attach an appraisal summary to the return.  In general, most smaller non-cash contributions can be supported by referring to the value of similar items in the community.  A simple receipt for the goods is generally not acceptable to the IRS because the IRS knows that many charities will give you a blank receipt for non-cash goods so you can fill in the value.  If you are unsure about the status of your reporting, I will be happy to help you.


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