As a qualified organization, as recognized under section 501(c)(3) of the Internal Revenue Code, your donations are tax deductible. The Internal Revenue Service provides information on charitable contributions in Topic 506.
The receipt provided by KARM Stores provides the foundation for your tax deduction. It includes:
- Our name
- Date of your donation
- Location where the donation was received
- Your name
In addition, you will need to determine the fair market value of your donation. Best practices suggest including a listing of items by type (e.g., clothing, household items) and quantity with values listed.
Non-cash donations greater than $500 have special reporting requirements.
As a practical suggestion, consider forwarding a copy of your e-mailed receipt to yourself with a listing of items and associated values included in the body of the e-mail. Or use your printed receipt and write or attach the list to the physical receipt.