IRS Pub 526:
Noncash Contributions
For a contribution not made in cash, the records you must keep depend on whether your deduction for the contribution is:
- Less than $250,
- At least $250 but not more than $500,
- Over $500 but not more than $5,000, or
- Over $5,000.
Amount of deduction. In figuring whether your deduction is $500 or more, combine your claimed deductions for all similar items of property donated to any charitable organization during the year. If you received goods or services in return, as described earlier in
Contributions From Which You Benefit , reduce your contribution by the value of those goods or services. If you figure your deduction by reducing the fair market value of the donated property by its appreciation, as described earlier in
Giving Property That Has Increased in Value , your contribution is the reduced amount.
Deductions of Less Than $250
If you make any noncash contribution, you must get and keep a receipt from the charitable organization showing:
- The name of the charitable organization,
- The date and location of the charitable contribution, and
- A reasonably detailed description of the property.
A letter or other written communication from the charitable organization acknowledging receipt of the contribution and containing the information in (1), (2), and (3) will serve as a receipt.
You are not required to have a receipt where it is impractical to get one (for example, if you leave property at a charity's unattended drop site).
Additional records. You must also keep reliable written records for each item of contributed property. Your written records must include the following information.
- The name and address of the organization to which you contributed.
- The date and location of the contribution.
- A description of the property in detail reasonable under the circumstances. For a security, keep the name of the issuer, the type of security, and whether it is regularly traded on a stock exchange or in an over-the-counter market.
- The fair market value of the property at the time of the contribution and how you figured the fair market value. If it was determined by appraisal, you should also keep a copy of the signed appraisal.
- The cost or other basis of the property, if you must reduce its fair market value by appreciation. Your records should also include the amount of the reduction and how you figured it. If you choose the 50% limit instead of the special 30% limit on certain capital gain property (discussed under Capital gain property election , earlier), you must keep a record showing the years for which you made the choice, contributions for the current year to which the choice applies, and carryovers from preceding years to which the choice applies.
- The amount you claim as a deduction for the tax year as a result of the contribution, if you contribute less than your entire interest in the property during the tax year. Your records must include the amount you claimed as a deduction in any earlier years for contributions of other interests in this property. They must also include the name and address of each organization to which you contributed the other interests, the place where any such tangible property is located or kept, and the name of any person in possession of the property, other than the organization to which you contributed it.
- The terms of any conditions attached to the contribution of property.
Deductions of At Least $250 But Not More Than $500
If you claim a deduction of at least $250 but not more than $500 for a noncash charitable contribution, you must get and keep an acknowledgment of your contribution from the qualified organization. If you made more than one contribution of $250 or more, you must have either a separate acknowledgment for each or one acknowledgment that shows your total contributions.
The acknowledgment must contain the information in items (1) through (3) under
Deductions of Less Than $250 , earlier, and your written records must include the information listed in that discussion under
Additional records .
The acknowledgment must also meet these tests.
- It must be written.
- It must include:
A description (but not necessarily the value) of any property you contributed,
- Whether the qualified organization gave you any goods or services as a result of your contribution (other than certain token items and membership benefits), and
- A description and good faith estimate of the value of any goods or services described in (b). If the only benefit you received was an intangible religious benefit (such as admission to a religious ceremony) that generally is not sold in a commercial transaction outside the donative context, the acknowledgment must say so and does not need to describe or estimate the value of the benefit.
[*]You must get it on or before the earlier of:
- The date you file your return for the year you make the contribution, or
- The due date, including extensions, for filing the return.
Deductions Over $500 But Not Over $5,000
If you claim a deduction over $500 but not over $5,000 for a noncash charitable contribution, you must have the acknowledgment and written records described under
Deductions of At Least $250 But Not More Than $500 . Your records must also include:
- How you got the property, for example, by purchase, gift, bequest, inheritance, or exchange,
- The approximate date you got the property or, if created, produced, or manufactured by or for you, the approximate date the property was substantially completed, and
- The cost or other basis, and any adjustments to the basis, of property held less than 12 months and, if available, the cost or other basis of property held 12 months or more. This requirement, however, does not apply to publicly traded securities.
If you have reasonable cause for being unable to provide information about the date you got the property or the cost basis of the property, attach a statement of explanation to your return.
Deductions Over $5,000
If you claim a deduction of over $5,000 for a noncash charitable contribution of one item or a group of similar items, you must have the acknowledgment and the written records described under
Deductions Over $500 But Not Over $5,000 . Generally, you must also obtain a qualified written appraisal of the donated property from a qualified appraiser. See
Deductions of More Than $5,000 in Publication 561 for more information.
In figuring whether your deduction is over $5,000, combine your claimed deductions for all similar items donated to any charitable organization during the year.