What Documentation is Needed for Non Cash Contributions?

Non cash contributions are deductible on Federal Schedule A of your personal income tax return as itemized deductions. The documentation required depends on the amount of the donation. For all non cash contributions, regardless of the fair market value, you will need the following documentation:

-Name of Charity/Organization

-Location/Address of the Charity/Organization

-Description of the items donated (good, usable condition)

-Date of the gift

-Fair market value at the time of the donation.

For cumulative non cash contributions that exceed $500, Form 8283 is required to be attached to your personal income tax return. Filing this form requires you have, in addition to the information above, the following information:

-how the property was obtained (purchased, gift, inherited, etc.)

-date the given property was obtained

-cost of the property when you obtained it

Any cumulative non cash contributions of similar property with a total value in excess of $5,000 will require time sensitive appraisals by a qualified appraiser.

For all charitable contributions, the burden of proof is the responsibility of the taxpayer. Always obtain contemporaneous receipts from the charitable organization along with any other documentation to support the requirements above when making donations.

Contact us if you need more information and would like to discuss your specific situation.

Lauren ElliottComment