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Substantiation rules for charitable gifts.
Tax Adviser, The, December, 2006 by Krumwiede, Tim; Witner, Larry
EXECUTIVE SUMMARY
* Under the PPA '06, taxpayers must keep specific written records, such as a bank record or receipt, for all cash donations.
* The substantiation rules for property donations depend on the amount given.
* Under the AJCA changes and IRS guidance, special rules apply to vehicles if the deduction exceeds $500.
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The charitable contribution substantiation rules have become increasingly detailed and more complex in recent years. This article provides an overview of the current rules for cash, property and vehicle donations.
Sec. 170 allows taxpayers a deduction for contributions made to charitable organizations. Over recent years, the extent and complexity of the substantiation requirements...
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