It one makes a single drop off contribution of 10 suits valued at $30 each, is it a contribution of over $250, or ten contributions each under $250?
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All items in one drop on a particular date to a charity is listed separately on the form so it would be 10 suits at $30 each total for that drop = $300.Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDR -
Does that mean one would need a written acknowledgement from the charity to satisfy the $250 or over rule??Comment
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The $250 rule applies to cash/check contributions. it doesn't apply to non-cash contributions. different rules altogether."The only function of economic forecasting is to make astrology look respectful" - John Kenneth GalbraithComment
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A written acknowledgement is required for non-cash contributions of $250.00 or more. See page 4-19 of the Tax Book 1040 edition under Record Keeping Requirements - Non Cash Column.
The acknowledgement does not need to state Fair Market Value, but you must have some sort of acknowledgement that meets the other requirements.Comment
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Yep, you are correct.
My mistake."The only function of economic forecasting is to make astrology look respectful" - John Kenneth GalbraithComment
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TXEA is correct. Documentation is required from the recipient organization.Comment
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