- 7 - 3. Charitable Contributions Petitioner argues that the expenses connected to the residence are deductible as charitable contributions to the extent that they benefited the Foundation. Respondent argues that petitioner may not deduct any of these expenses in that he does not have a written acknowledgment from the Foundation as to them. We agree with respondent that none of the expenses are deductible given the absence of a written acknowledgment. Under section 170(f)(8)(A), an individual taxpayer may deduct a contribution of $250 or more only if he or she substantiates the deduction with a contemporaneous written acknowledgment that meets the requirements of that section. See also Addis v. Commissioner, 118 T.C. 528, 533-534 (2002). That acknowledgment, which must be furnished by the donee organization, must state the amount of cash and describe other property contributed, indicate whether the donee organization provided any goods or services in consideration for the contribution, and provide a description and good faith estimate of the value of any goods or services provided by the donee organization. Sec. 170(f)(8)(B); see also sec. 1.170A-13(f)(5), Income Tax Regs. (goods or services include cash, property, services, benefits, and privileges). Given that petitioner does not have such a written acknowledgment from the Foundation as to the disputed expenses, we conclude that he isPage: Previous 1 2 3 4 5 6 7 8 9 10 Next
Last modified: May 25, 2011