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iza
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Question IS Direct donation to needy tax deductible post #1  quote:



Hi,

In 2003, we had given money to a few needy individuals who were going through a rough time in their lives (no relatives of ours).


I am wondering what is the IRS take on making direct donations to needy individuals. Is that tax deductible and if so what is the criteria for it. I have returned checks from the bank.

Any help or referral to a resource for this would be greatly appreciated.

Thanks


Old Post 02-07-2004 07:32 PM
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Ken NJ
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You Have A Kind Heart NOT Deduction post #2  quote:

Almost nearly all the time, you can chalk that up as a gift, not a donation. The only time you can claim it without more proof than a check is less than $250 AND the charity is a recognized non-profit organization or foundation. Need to meet both.

Old Post 02-07-2004 09:00 PM
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Ken NJ
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The Checks May Not Be Good Enough post #3  quote:

Not all contributions to tax-exempt organizations are tax-deductible....
but contributions to groups in just a few of these categories are tax-deductible .
< -- Just Click Here
quote:
For Cash Contributions less than $250 you must keep one of the following:

Keep a canceled check or financial account statement (must show amount, date of gift, to whom paid, and check number)
If paid by electronic funds transfer-a readable account statement that shows the amount, date posted, and to whom paid.
If paid by credit card-a readable account statement that shows the amount, transaction date, and to whom paid.
A receipt from charity showing name, amount, and date of contribution.
Other written records that show the name of charity, amount, and date of contribution.

For Cash Contributions greater than $250 you must keep the following:
A written receipt from the charitable organization . The receipt or acknowledgement must include the amount of donation and documentation that states no services or items of value were received as a result of the contribution.
If contributing via payroll deduction, the deduction from each paycheck is treated as a separate contribution. You must have either a payroll record that proves your deduction or other documentation that states no services or items of value were received as a result of the contribution.
If your employer deducted $250 or more from a single paycheck you must keep: a pay stub, form W-2, or other documentation furnished by employer related to deduction AND a pledge card stating no goods or services were received in exchange.
Do not combine separate contributions to the same organization. If checks are written on the same date to the same organization, IRS is likely to accept as a single contribution.


Old Post 02-07-2004 09:07 PM
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