The IRS has reminded taxpayers making year-end charitable contributions to keep in mind current tax law requirements. To claim a deduction, donated clothing and household items must be in good or better used condition; monetary donations must be substantiated by a bank record or written statement; donations worth $250 or more must be substantiated by a written acknowledgement that includes, among other things, a description of the items contributed; and special rules apply to donations of cars, boats and airplanes. Furthermore, only donations to eligible organizations are tax-deductible. News Release IR 2015-134.
Call our office at (425)455-6721 to discuss how this impacts your tax situation and overall goals.