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On July 30th 2018 the IRS issued final regulations relating to the substantiation and reporting requirements for charitable contributions which address substantiation requirements for contributions of more than $500 and of clothing and household items.

In order to substantiate a charitable contribution the following substantiation requirements must be met:

Cash Contributions

Under $250

• Bank record or written communication from the charity
  • Blank pledge cards provided by the donee organization are not sufficient substantiation

$250 or more

• Obtain contemporaneous written acknowledgement from the donee organization

 Non-cash Contributions

Donated property must be in good condition or better.

Under $250

• Obtain a receipt or keep reliable records
  • Reliable records must show the following information:
    • Name and address of the donee
    • Date of the contribution
    • Description of the property in sufficient detail including the condition
    • Fair market value on the […]