Document it or lose it – Substantiation rules for charitable gifts

Description

Abstract: The right combination of lifetime donations and charitable bequests can not only help support charitable organizations, but also reduce income taxes and minimize gift and estate taxes. But the government isn’t so generous when it comes to inadequate documentation of these donations. There are different degrees of documentation required, depending on the value of gifts and whether they’re donated in the form of cash, securities or property. To avoid losing deductions, it’s important to have documentation in order before filing a return.