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You Don’t Need Those Clothes You’re Giving to Charity, but You Might Still Need Your Calculator

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You Don’t Need Those Clothes You’re Giving to Charity, but You Might Still Need Your Calculator
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If you plan to give a valuable item to charity, your appraiser’s replacement cost estimate for your insurance company won’t satisfy the IRS.

You clean out your closet two or three times a year and donate the clothing to Goodwill or the Salvation Army. You probably take the receipt they hand you for tax purposes. In April, you deduct those donations and file your taxes.

But what if you donate more often? If you exceed a specific dollar amount, that receipt won’t be sufficient for the IRS. It has specific rules for noncash donations.

Charitable Contributions Receipts

According to one page on the IRS website, the written acknowledgment required to substantiate a noncash charitable contribution of $250 or more must contain the:

  • name of organization
  • description (but not value) of contributions
  • statement that no goods or services were provided by the organization for the contribution

You must fill out Form 8283 for noncash donations, regardless of the amount you donate.

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