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How to Calculate Charitable Contributions on Your Income Taxes

Making a charitable contribution of cash or property to tax-exempt charities can save you money on your income taxes if you take a charitable contribution deduction for your donations. Calculating the deduction is pretty simple for cash donations, but property donations will require a little more of your time. This is due to the fact that you need to estimate the fair market value for each piece of property you donate before you can even begin filling out your income tax return.

First, calculate all charitable contributions you make in cash for the tax year.

Next, estimate the fair market value for each property donation. The tax laws don’t require a specific valuation method, but there are certainly ways of doing it that are well accepted by the IRS. For example, if you donate a vehicle, a used-car price guide like Kelley Blue Book is most appropriate. Clothing donations; however, require some investigation into what thrift stores in your area price similar items at. And if you donate something collectible, the IRS suggests using an appraiser.

Add your total property values to all cash contributions. Then report your total charitable contribution deduction on Schedule A with your other itemized deductions. Schedule A requires that you separately report the cash and property contribution totals under the “Gifts to Charity” section.

Note that in some cases you may need to assess whether additional IRS forms will be necessary. When the total property donation values exceed $500, the IRS requires that you attach Form 8283 to your income tax return. On Form 8283 you’ll list each property donation separately with its respective fair market value.

For all donations you make, regardless of whether it’s in cash or property, the IRS requires that you retain at least one piece of documentary proof. For cash donations, this requires the retention of a cancelled check, credit or bank card statement or a receipt from the charity. For your property donations, at a minimum, you must receive a written acknowledgment from the charity that includes the organization’s name and address, the date of your donation and a description of the property.

The IRS takes the reporting of unreasonable donation values seriously. It has the authority to impose a 20-percent penalty on the tax you underpay if it’s the result of reporting a value that is 150 percent or more of its actual value. For more egregious offenses, the penalty increases to 40 percent when the valuation is 200 percent or more of actual value.

IRS Reference:
Form 8283