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Keeping Up With Your Income Taxes All Year 
 
by kmhagen June 03, 2005

Gifts to charity

  • Proof of payment for contributions paid by cash, check, credit card or payroll deduction
  • Receipts from charitable organizations, showing the name of the organization, amount and date of the contribution
  • A written statement from the organization is required for contributions of more than $75, from which you derive some benefit
  • Written acknowledgement from the organization is required for contributions of $250 or more
  • Receipts for out-of-pocket expenses incurred while doing volunteer work for a charitable organization. Keep a record of actual expenses when using your personal vehicle, or use the standard mileage rate. Keep receipts for parking fees, tolls, taxi fares, and bus fares under either method.
  • Receipts from charitable organizations for contributions of property, showing:
  • Name of the organization
  • Date and location of contribution
  • Reasonably detailed description of the property
  • Record of fair market value of the property (appraisals, quotes)
  • Record of cost or other basis of the property (original invoice)
  • Terms of any conditions attached to the contribution
  • Written acknowledgement from the charitable organization of your donation of a car, boat, or aircraft with a claimed value of over $500.

Casualty and theft losses

  • Insurance claim report - to prove that you had a casualty loss
  • Title to the damaged property – to prove that you are the owner
  • Evidence of your basis in the property damaged (for example, if it was your home, your purchase agreement, closing statement or other record of cost, plus the cost of improvements you have made)
  • Appraisal, to determine the decrease in the fair market value of the property as a result of the casualty
  • Police report – to prove a theft loss
  • Title to the stolen property or copies of invoices or receipts
  • Copy of insurance reimbursement

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