Monday, August 24, 2009

Some Things to Know Before Making Charitable Donations

The IRS has just published this handy little worksheet. Basically what you're going to want to do is make sure that whoever you're pawning your junk onto is a registered non-profit. You cannot write off the old aluminum fishing boat you gave your Uncle Charlie. If you gave the boat to the Boys and Girls Club instead, don't say it's yacht valued $11,000 because any non-cash property donation over $5000 is subject to verifcation by proof of appraisal. You're also going to want to figure out if it's worth the trouble. If you only gave $4.50 to the local Rotary Club, it's probably not worth the time and effort to fill out a Schedule A if that's the only thing you have to itemize.

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