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Donation Receipt Preview: |
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Times are hard and yet there are many who reach out to absolute strangers to make their lives better and ease their burdens. These little kindnesses come in many forms, including giving money, food, clothing and even shelter. For most people, this is done out of charity and there is no thought of how as givers, they can financially benefit from this. However, the fact of the matter is that it may be possible to obtain a donation receipt for what is given. Consequently, lending a helping hand may have indirect benefit to the giver as well.
When donating items, large and small, inquire from the recipient organization whether they are able to provide a donation receipt for the items. If they do, it may be possible to request a donation receipt. This donation receipt can then be used in submission to the IRS for relevant deductions as well.
Always ensure that the donation receipt contains your name, and the amount given, or in the case of items donated, a description of the item. Wherever possible, it would be ideal if a good-faith estimate is also provided for the value of the items donated. If the donation is made to a religious organization, ensure that the donation receipt stipulates that “intangible religious benefits” were provided, even if these have no monetary value from a tax perspective. In addition, always ensure that whatever receipts are provided clearly stipulate whether goods or services were provided, or not, in return for the donation.
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