When you do spring cleaning, if you have extra items that you want to donate to charity, remember that non-cash donations require a bit more documentation. You’ll need a receipt from the charity that includes:
- The name of the charity
- The date
- What’s being donated, description and condition
- The fair market value, usually about what the charity would sell it for.
We also recommend that you use your phone to take a couple of pictures of the items being donated so that you can prove to the IRS the condition of the items and what was given.
That’s sufficient for the small stuff. If you’re thinking of donating a car or vehicle, stocks or land, you should talk to a good accountant prior to making the donation. There are lots of requirements, and there are some variables that affect the timing of when certain things should be donated.