Charitable contributions can be especially important to help support an organization or a cause that’s close to your heart. As an added benefit, you may be able to deduct a portion of your contributions on your Federal income tax return. However, as with all tax deductions, it’s important to keep accurate records of charitable donations in the event you one day need to substantiate such gifts. Therefore, be sure to obtain a receipt to confirm your charitable contribution.
If you make a donation to a charity of cash or property valued at $250 or greater, request a written acknowledgment from the recipient charity. While receipts are not filed with your annual federal income tax return (Form 1040), store receipts with other tax documents for the year in which the donations were made.
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