Share

Gainesville Florida Estate Planning & Elder Law Blog

Tuesday, December 2, 2014

End-of-Year Charitable Giving

The IRS recently offered a series of tax tips for charitable giving as people give gifts at the end of the calendar year. Keep these in mind.

  1. Household or Clothing Gifts – These items must be in good used condition or better. A donor must have a contemporaneous written acknowledgement if the gift value of similar items is $250 or more. The receipt should include a description of the gifted items. If the similar items are over $500 in value, then an appraisal is permitted and there is no specific condition requirement.   
  2. Gifts of Money – All gifts of money require a bank record or contemporaneous written acknowledgement. The bank record may be a cancelled check or a credit union statement. The record should show the name of the charity, the date and amount. A credit card record should indicate the charity name, the date and the transaction posting date. A payroll deduction is permitted if the employee retains a pay stub, a Form W-2 or another document provided by the employer. All gifts of $250 or more require the contemporaneous written acknowledgement.  
  3. Timing – Gifts at the end of the year are deductible if deposited in the U.S. mail by Dec. 31 or delivered to the charity by that date. Credit card gifts are deductible as of the date of the charge, even if paid in the subsequent year.   
  4. Itemized Deductions – Most taxpayers will take the standard deduction and will not benefit from additional charitable deductions. Taxpayers who have a combination of mortgage interest, state and local taxes and charitable deductions may choose to itemize because the total is greater than their standard deduction.  
  5. Tax Records – For all gifts of similar items with value of $250 or more, there must be a contemporaneous written acknowledgement. Gifts of tangible personal property also require a “reasonably detailed” description.  
  6. Vehicles – Gifts of automobiles, boats or recreational vehicles are usually deductible at the price received by the charity in a public sale. The charity is required to provide Form 1098-C to the donor.   
  7. Noncash Gifts – Gifts of property over $500 require filing IRS Form 8283. Gifts of real estate and similar nonmarketable property valued over $5,000 require a qualified appraisal. 

Archived Posts

2019
2018
December
November
October
September
August
July
June
May
April
March
February
January
2017
December
November
October
September
August
July
June
May
April
March
February
January
2016
December
November
October
September
August
July
June
May
April
March
February
January
2015
December
November
October
September
August
July
June
May
April
March
February
January
2014
December
November
October
September
August
July
June
May
April
March
February
January
2013



The Law Office of Sam W. Boone, Jr. assists in Gainesville, Florida and the surrounding counties.

*The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.*

* I have read and accept the disclaimer **


The hiring of an attorney is an important decision that should not be based solely upon advertisements. Before you decide, ask us to send you free written information about our qualifications and experience. Additionally, the comments, statements and articles contained herein are general in nature and should not be relied upon as a basis for any legal opinion, action or conclusion on the part of the reader with respect to any particular set of facts or circumstances.

© Sam W. Boone, Jr., P.A. | Disclaimer | Law Firm Website Design by Zola Creative



© 2019 Sam W. Boone, Jr., P.A. | Disclaimer
4545 NW 8th Avenue, Suite A, Gainesville, FL 32605
| Phone: 352-374-8308

Estate Planning | Advanced Estate Planning | Elder Law | Special Needs Planning | Probate / Estate Administration | Asset Protection | Guardianships | Pet Trusts | Planificación de Bienes | Planificación Avanzada de Propiedad | Reviews | About Us | Resources

Attorney Web Design by
Amicus Creative