Q:

How do you create an itemized donation list for charitable donations?

A:

Quick Answer

To create an itemized donation list for charitable donations, first determine which donations qualify as tax deductible, and create separate lists for each type of donation. Collect all receipts that confirm donation to both use to verify the list and to keep stored with the list for reference. Create a list with specific information about what was donated, including any materials with monetary value attached to them, the date of donation and the organization's name and receipt number, if applicable.

Continue Reading

Full Answer

For the itemized list, document each donation as it is being collected, before it is given or delivered. For example, when donating clothing, add each item to your list and its condition, such as "women's medium blouse — new with tags." Be as specific as possible, and include the fair market value of any goods donated. Many charities have a chart for market value, and tax professionals have access to the IRS guidelines for monetary values of used goods.

To find out if a charity or a donation qualifies as tax deductible, either ask the charity, or consult the Internal Revenue Code of 1986 in Section 170c under the Cumulative List of Organizations. If there is any question, check with a tax professional, or contact the IRS. A receipt of confirmation for a monetary donation is given when submitting a check or using an envelope system where a receipt of the year's donations are mailed at the end of the year. If the donation was cash and was deposited alone in a collection plate or bucket, it is not tax deductible. For donated goods, ask the organization to print out a proof of collection if it does not already issue receipts.

Learn more about Business & Finance

Related Questions

Explore