Asked by Jonique Smith on Apr 27, 2024
Verified
If the donation is greater than $250,what kind of written acknowledgment must the taxpayer obtain from the recipient organization?
Written Acknowledgment
A written statement confirming the receipt of something, often used in tax documentation for charitable donations.
Charitable Organization
A nonprofit entity that operates to perform charitable acts, provide education, religious, or public service activities, eligible for tax-exempt status under the IRS.
- Calculate the deductible amount for charitable donations and familiarize yourself with the necessary paperwork for these deductions.
Verified Answer
AV
Aynara VelosoMay 04, 2024
Final Answer :
The taxpayer must have written acknowledgment from the recipient organization stating (1)the date and amount of the contribution, (2)whether the taxpayer received any goods or services from the charity as a result of the contribution,and (3)a description and good faith estimate of the value of any goods and/or services that the taxpayer received.
Learning Objectives
- Calculate the deductible amount for charitable donations and familiarize yourself with the necessary paperwork for these deductions.
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