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Gifts to Charity
New rules require more diligent recordkeeping

Keeping the receipts from your charitable contributions just became more of a priority.

Starting January 2007, you will not be allowed to deduct charitable contributions of any amount unless you have the proof. What does this mean for you? Starting in 2007, each cash contribution you make must be substantiated with a bank record, receipt, letter, or other written communication from the donee organization that states the name of the donee, the date the contribution was made, and the amount of the contribution.

Without this substantiation, you will not be allowed to deduct the contribution on your tax return.

 

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