What Is the Maximum You Can Deduct for Donations Without a Receipt?
The type of documentation you’ll need depends on whether you donate cash or property, as well as the amount or value of the gift. Even if you fully comply with these record-keeping requirements, the maximum you can deduct ultimately depends on your adjusted gross income, or AGI.
Having the proper receipts and acknowledgments affects whether you can take the deduction or not, whereas the AGI reported on your return can limit the amount that’s deductible. The total amount of your charitable deduction – reported as an itemized deduction on Schedule A – generally cannot exceed 50 percent of your AGI. If it does, the excess can be carried forward to future returns.
Release Time: 2020-01-17 08:33:10
The IRS expressly states that all cash donations, regardless of amount, are not deductible unless you retain at least one piece of documentary proof that the donation was actually made. This can include bank records, such as a canceled check, a receipt from the nonprofit organization, a credit card statement, and a pay stub or W-2 form when you make the donation through payroll deductions at work.