Monday, November 10, 2014

Cash Charitable Contributions of $250 or More

If you give $250 or more to any charity at one time, you should be given an acknowledgement letter from that charity documenting your donation and whether the charity provided you any goods or services in exchange for your contribution. These acknowledgement letters should be kept in a file and given to your tax preparer each year. Otherwise you may lose the deduction in case of an IRS audit even if you have a copy of the check to the charity. Charities are required to provide these letters, so if you have lost one make sure you ask for another copy.

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