How Do You Use Charitable Donation Forms When Filing Your Taxes?


Quick Answer

To use charitable donation forms when filing your taxes, file form 1040 using itemized deductions, include proper receipts or deduction records, and verify that your donations were to reputable organizations, says the IRS. Only certain organizations qualify for charitable contributions. Do not deduct donations given to individuals, political candidates or organizations.

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Full Answer

When filling out form 1040, include the itemized deductions on Schedule A, instructs IRS. If you are claiming a deduction that also has a benefit, such as from goods and services, you can only deduct the amount that exceeds fair market value. If the donation was for noncash property or stock, use the fair market value of the property. This is the estimated property value if sold to another party.

For monetary gifts, including donations of cash or checks, you also need to include copies of payroll deduction records or bank records that show the contribution. A telephone bill is sufficient enough for a contribution made through text message. Regardless of the type of contribution, if it is more than $250, it also requires the same proof and documentation. If it is over $500, fill out form 8283, called the Noncash Charitable Contributions form. Fill out Schedule B on form 8283 for items over $5,000, plus give an appraised value.

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