Substantiating charitable gifts: Do you know the rules?
Abstract: Recently, the IRS issued charitable contribution substantiation regulations. To avoid costly mistakes, it’s important for philanthropic individuals to familiarize themselves with the rules. This article covers the types of records required to substantiate both cash and noncash gifts and talks about the importance of engaging a qualified appraiser (when an appraisal is necessary). A sidebar explains what charitable donors should do when they don’t receive a receipt.