Making a Big Gift To Charity? To Protect Your Deduction It Is Imperative That You Strictly Adhere to IRS Rules
Most people feel really great when they donate to charity. But, let’s be honest, the accompanying tax deduction makes the gift even sweeter. To insure that you get the tax deduction, recent cases show that the IRS is now demanding strict (and I meanstrict) compliance with its rules on substantiating charitable contributions and the courts are upholding the IRS’s position. In cases of inadequate compliance, taxpayers lose the entire deduction and there are no do overs. To read about cases where taxpayers lost their entire charitable contribution deduction when they did not strictly follow IRS rules, click Making A Big Gift To Charity?