As year-end gifts are considered by both individuals and businesses, now is the time to help them navigate some rule changes that could influence the types and amount of contributions your donors consider. The IRS issued a press release with a summary of information, which covers:
- Clothing and household item donations
- Items must be in good condition for deductions
- If claiming over $500, a qualified appraisal of the item is required
- For gifts worth $250 or more, a written acknowledgement from the charity is needed
- Monetary donations
- A receipt from the charity is required for any amount
The full IRS press release is available online.