Charitable contributions tax deductions changes

Read this Motley Fool writeup.

Starting Jan. 1, 2007 for calendar-year taxpayers, you have two sets of rules to follow: those for cash/check contributions of $250 or greater, and those for less than $250. For contributions greater than $250, you must have a written acknowledgement from the charitable organization to be deductible, as per previously existing laws. For those under $250, you still must have some sort of receipt, or you’ll receive no deduction. A cancelled check will do, as will a written acknowledgment from the charity. But if you have neither of those, you have no deduction.

That $20 bill that you put in the church plate? Gone. The $5 bill that slipped in the pot of a Salvation Army volunteer? Gone. Make no mistake — in 2007, records or receipts of charitable contributions are mandatory.

From now on, I will write 1 check to St. Clare annually and be done with it.



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