What are the tax rules for deducting the value of personal property gifted to charity?
Per the IRS web site, a receipt is required for all donations (whether cash or non-cash) of $250 or more: [Begin quote] The written acknowledgment required to substantiate a charitable contribution of $250 or more must contain the following information: * Name of the organization; * Amount of cash contribution; * Description (but not value) of non-cash contribution; * Statement that no goods or services were provided by the organization, if that is the case; * Description and good faith estimate of the value of goods or services, if any, that organization provided in return for the contribution; and * Statement that goods or services, if any, that the organization provided in return for the contribution consisted entirely of intangible religious benefits, if that was the case. [End quote] There are also special rules for certain types of property donations, per IRS Publication 526: [Begin quote] Special rules apply if you contributed: * Clothing and household items, * A car, boat, or a
