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There is a new and important rule on charitable deductions this year.
While you can deduct contributions to charitable organizations, you cannot deduct a cash contribution, regardless of the amount, unless you keep as a record of the contribution a bank record.
A record can include a canceled check, a bank copy of a canceled check or a bank statement containing the name of the charity, the date and the amount -- or a written communication from the charity.
The written communication must include the name of the charity, the date of the contribution and amount of the contribution.
For more information, see Publication 526, Charitable Contributions.
Published Dec. 6, 2007
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