- 12 - B. Regulations Pursuant to section 1.170A-13(a)(1), Income Tax Regs., cash contributions must be substantiated by either a canceled check, a receipt from the donee showing the donee’s name and the date and amount of the contribution, or “other reliable written records” showing the donee’s name and the date and amount of the contribution. Section 1.170A-13(a)(2), Income Tax Regs., provides rules governing the reliability of records. Pursuant to section 1.170A-13(b)(1), Income Tax Regs., noncash contributions must be substantiated, at a minimum, by a receipt from the donee organization showing the name of the donee, the date and location of the contribution, and a “description of the property in detail reasonably sufficient under the circumstances.” Where it is “impractical” to obtain a receipt, taxpayers must maintain “reliable written records” of their noncash contributions. See id. Section 1.170A-13(b)(2), Income Tax Regs., provides rules governing the reliability and content of such records, and paragraph (b)(3) provides information retention and reporting requirements for claimed noncash contributions in excess of $500, which incorporate the rules of paragraph (b)(2)(ii) regarding the content of records. Pursuant to section 1.170A-13(f)(1), Income Tax Regs., “[s]eparate contributions of less than $250 are not subject to * * * section 170(f)(8), regardless of whether the sum of thePage: Previous 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Next
Last modified: May 25, 2011