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If you donated to charity last year, letters from the charities may have appeared in your mailbox recently acknowledging the donations. But what happens if you haven\u2019t received such a letter \u2014 can you still claim a deduction for the gift on your 2021 income tax return? It depends.<\/p>\n
The requirements<\/strong><\/p>\n To prove a charitable donation for which you claim a tax deduction, you need to comply with IRS substantiation requirements. For a donation of $250 or more<\/em>, this includes obtaining a contemporaneous<\/em> written acknowledgment from the charity stating the amount of the donation, whether you received any goods or services in consideration for the donation and the value of any such goods or services.<\/p>\n \u201cContemporaneous\u201d means the earlier<\/em> of:<\/p>\n Therefore, if you made a donation in 2021 but haven\u2019t yet received substantiation from the charity, it\u2019s not too late \u2014 as long as you haven\u2019t filed your 2021 return. Contact the charity now and request a written acknowledgment.<\/p>\n Keep in mind that, if you made a cash gift of under<\/em> $250 with a check or credit card, generally a canceled check, bank statement or credit card statement is sufficient. However, if you received something in return for the donation, you generally must reduce your deduction by its value \u2014 and the charity is required to provide you a written acknowledgment as described earlier.<\/p>\n Temporary deduction for nonitemizers is gone<\/strong><\/p>\n In general, taxpayers who don\u2019t itemize their deductions (and instead claim the standard deduction) can\u2019t claim a charitable deduction. Under the COVID-19 relief laws, individuals who don\u2019t itemize deductions can<\/em> claim a federal income tax write-off for up to $300 of cash contributions to IRS-approved charities for the 2021 tax year. This deduction is $600 for married joint filers for cash contributions made in 2021. Unfortunately, the deduction for nonitemizers isn\u2019t available for 2022 unless Congress acts to extend it.<\/p>\n Additional requirements<\/strong><\/p>\n Additional substantiation requirements apply to some types of donations. For example, if you donate property valued at more than $500, a completed Form 8283 (Noncash Charitable Contributions) must be attached to your return or the deduction isn\u2019t allowed.<\/p>\n And for donated property with a value of more than $5,000, you\u2019re generally required to obtain a qualified appraisal and to attach an appraisal summary to your tax return.<\/p>\n We can help you determine whether you have sufficient substantiation for the donations you hope to deduct on your 2021 income tax return \u2014 and guide you on the substantiation you\u2019ll need for gifts you\u2019re planning this year to ensure you can enjoy the desired deductions on your 2022 return.<\/p>\n \u00a9 2022 <\/em><\/p>\n <\/body> If you donated to charity last year, letters from the charities may have appeared in your mailbox recently acknowledging the donations. But what happens if you haven\u2019t received such a letter \u2014 can you still claim a deduction for the gift on your 2021 income tax return? It depends. The requirements To prove a charitable […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7,6,10],"tags":[8,11,12],"class_list":["post-15886","post","type-post","status-publish","format-standard","hentry","category-articles","category-individual-tax","category-news","tag-articles","tag-news","tag-updates"],"_links":{"self":[{"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/posts\/15886","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/comments?post=15886"}],"version-history":[{"count":0,"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/posts\/15886\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/media?parent=15886"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/categories?post=15886"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/tags?post=15886"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
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