4 Must-Follow Rules for Donating to Charity
These smart strategies will ensure that you get the most bang for your charitable buck.
By Farnoosh Torabi
Photo: tvirbickis/iStock
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Check Off Your List
Follow these guidelines to make sure nothing gets between you and the tax deduction you deserve.
To earn a deduction, you must be giving to a qualified 501(c)(3) charity or other exempt organization. Double-check at IRS.Gov.
Avoid cash gifts. Checks and credit cards make record keeping easier.
Get a dated receipt with the name of the organization and amount of each contribution.
For any property you donate—say, clothing or appliances to the Salvation Army or Goodwill—you can generally deduct the fair market value. (Check Publication 561 on the IRS website for guidance.)
Itemize your deduction on Form 1040, Schedule A, of your tax return.
From the
December 2016 issue of
O, The Oprah Magazine
