IRS Publication 561
This publication is designed to help donors and appraisers determine the value of property (other than cash) that is given to qualified organizations. It also explains what kind of information you must have to support the charitable contribution deduction you claim on your return.
IRS Publication 544
This publication explains the tax rules that apply when you dispose of property. It discusses:
- how to figure a gain or loss,
- whether it is ordinary or capital,
- how to treat the gain or loss, and
- how to report a gain or loss.
IRS Publication 526
This publication explains how to claim a deduction for your charitable contributions. It discusses the types of organizations to which you can make deductible charitable contributions and the types of contributions you can deduct. It also discusses how much you can deduct, what records you must keep, and how to report charitable contributions.
IRS Publication 1771
Substantiation and Disclosure Requirements
IRS Section 170
PDF of Section 170: § 170. Charitable, etc., contributions and gifts
IRS Form 8283
Individuals, partnerships, and corporations file Form 8283 to report information about noncash charitable contributions when the amount of their deduction for all noncash gifts is more than $500.
Disclaimer: Welfont is not a legal, financial, investment adviser or tax accounting firm and does not offer any legal, financial, or tax services or advice. Although the information contained herein is presented in good faith and believed to be correct, it is general in nature, so those considering transactions related to Internal Revenue Code 170 should consult their own tax counsel and/or tax professional or both. Furthermore, the information contained herein may not be applicable or suitable to some parties.