Charitable contributions above $5000
October 6, 2014
Most folks know that when you make a charitable contribution that keeping receipts is important. One taxpayer found out the hard way of when keeping receipts isn’t enough. The tax court recently ruled against a taxpayer who had claimed about $27,000 worth of charitable contributions. The deduction was disallowed because he did not obtain an appraisal as required by for contributions above $5000. Now a contribution of this amount is indeed rare, but came about after clearing out his mother’s home. So tuck this into the estate planning checklist.