Rules to Remember for
Non-Cash Charitable Donations
Non-Cash Donations to qualified charitable organizations can be a big deduction for those who itemize their income tax deductions, but be prepared to follow these simple rules:
(1) The items must be in good order. In other words must be in good condition and ready for re-sale or use.
(2) Maintain an itemized list for each donation drop, including the description of each item, when you purchased the item(s), what your cost basis is for each item (what you paid for it) and lastly your estimate (or appraisal) of the fair market value of each item.
To learn more about these rules on Non-Cash Donations, the following websites are available to you:
Nadine Lord Divan EA, CFP®
30021 Tomas, Suite 300
Rancho Santa Margarita CA 92688
Toll Free 800-350-1299