What should I attach to my donation receipt for tax purposes?
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.