Tuesday, March 24, 2009

Have You Forgot To Include Your Taxable Deductions for 2008?

Do you have contributions to deduct off your taxes? Have you contributed to other qualified organizations. Don't forget, as this could be a sizeable deduction that you don't want to leave off.For example, this year I donated quite a bit if furniture to Hospice, that I can show on my 2008 taxes.This amount was over $500, and therefore I will need to include a form 8283 Noncash Charitable Contribution Form along with my 2008 tax return.

To claim a deduction for contributions of cash or property equaling $250 or more you must obtain a written acknowledgment from the qualified organization showing the amount of the cash and a description of any property contributed, and whether the organization provided any goods or services in exchange for the gift. One document from the organization may satisfy both the written communication requirement for monetary gifts and the written acknowledgement requirement for all contributions of $250 or more.

1 comment:

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