Claiming Charitable Contributions on 2007 Returns

The IRS released Publication 526 , “Charitable Contributions,” for use in preparing 2007 returns. The “What’s New” section has information on the new recordkeeping requirements for cash contributions, paying the filing fee upon contributing an easement on buildings in historic districts, and deducting contributions to donor advised funds. The publication notes that taxpayers can’t deduct a cash contribution, regardless of the amount, unless they keep a (1) bank record, such as a cancelled check, bank or credit union statement, or credit card statement; or (2) letter or other written communication from the charity showing the name of the charity, the date of the contribution, and the amount of the contribution. Publication 526 is available at www.irs.gov/pub/irs-pdf/p526.pdf .

About the Author

Reed Tinsley CPA

This article is written by Reed Tinsley, a Houston, TX-based CPA with over 30 years of experience advising physicians and medical practices across Texas and the United States. Reed holds certifications as a Certified Valuation Analyst (CVA), Certified Healthcare Business Consultant (CHBC), and Certified Financial Planner (CFP), specializing exclusively in the healthcare sector. He is a published author, nationally recognized speaker, and trusted advisor to physicians on accounting & tax, practice management, and financial planning. Schedule a Free Consultation.