The Pension Protection Act was signed on 8/17/06. Do we have to have written documenttion for all contributions made after that date OR is this effective starting January 1, 2007 ???
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I believe it's as of 1/1/2006.
Retroactive in other words.In other words, a democratic government is the only one in which those who vote for a tax can escape the obligation to pay it.
Alexis de Tocqueville -
TheTaxBook updates at http://www.thetaxbook.com/updates_view.asp?ID=59 says, “For contributions made in taxable years beginning after August 17, 2006, the new law more closely aligns the substantiation rules for money to the substantiation rules for property by providing that in the case of a charitable contribution of money, regardless of the amount, applicable recordkeeping requirements are satisfied only if the donor maintains as a record of the contribution a bank record (such as a cancelled check or account statement), or a written communication from the charity showing the name of the donee organization, the date of the contribution, and the amount of the contribution. The recordkeeping requirements may not be satisfied by maintaining other written records.
So in other words, if this is a calendar year taxpayer, the requirement does not begin until the 2007 tax year.Comment
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What is in effect after 8/17/06 is the deduction for Clothing and household items. You cannot take a deduction for clothing or household items you donate after August 17, 2006, unless the clothing or household items are in good used condition or better. See Pub. 17 chapter 24.Originally posted by susieqComment
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