A cash donation under $250 to a qualified charitable organization is allowable without a receipt. There is an l exception for cash donations made to an unmanned location, such as a donation tin. Cash donations of $250 or more require a receipt from the charitable organization or certain payroll deduction records. The receipt must be in writing and include:
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- The amount
- Whether or not the organization provided any goods or services in exchange for the donation
- Description and good faith estimate of the value of goods or services, if any, that the organization provided in return for the contribution
- The date
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NON-cash donations require reporting form 8283. You’ll need a receipt if under $250 in value unless the items were dropped off at an unmanned location, such as a drop-off bin. Non-cash donations of $250 to $500 in value require a contemporaneous written acknowledgment of your donation (see above for content). A non-cash donation over $500 in value will also require a written acknowledgment of your donation and a record of how and when the items were acquired and their adjusted basis. If the donation’s value exceeds $5,000, except for publicly traded securities, the IRS requires an appraisal from a qualified appraiser and a written acknowledgment of your donation. The IRS considers each charitable donation separately. It doesn’t matter whether the donation reaches the $250 limit—even if the contributions benefit one charitable organization.
