Rules for Tax Deductible Gifts

Rules for Tax Deductible Gifts

  • February 18, 2014
  • David Greene
  • Comments Off on Rules for Tax Deductible Gifts

Here are the rules: (1) You must have a written statement from the charity for a gift over $250 or at least a bank or credit card statement for any monetary donation; (2) gifts are deductible in the year made, including those made by credit card at year end; (3) only gifts made to an eligible charity are deductible (usually §501 charities – the IRS has a list on its web site); (4) one must itemize deductions to claim the deduction; (5) for non-cash contributions, a Form 8283 must be filed with the return; (6) deductions for cars, boats, etc are limited to the proceeds of the sale. A reminder – I am giving a free seminar on estate planning on SATURDAY FEBRUARY 22 at the Hwy. 25 Restaurant in Travelers Rest, SC. It has been moved from the Travelers Rest library. It begins at 10 am.

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