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Donation Receipt Template PDF Free Download
Why Are Donation Receipts Important?
Each year hundreds of people are scammed out of their money by organizations claiming to be charities.
Donation receipts are the only way that a charitable, non-profit organization and the donor can keep evidence of their transaction.
Both parties are required to use donation receipts to prove that they’ve either donated cash or non-cash item or received the donation.
The IRS will require proof of every charitable transaction, and the donation receipt is that proof.
If the IRS qualifies the organization receiving the donation as having tax-exempt status, the donation receipt is then used to claim a deduction on the donor’s income tax return.
All donors who are looking for a solid charity to donate to should choose their charity with caution if you’re looking for a deduction, as you want to get the best return for your dollar possible.
A donation receipt is always necessary if the donor requests one, no matter the amount or value.
Donation receipts are also required when one individual donation adds up to $250 or more.
Finally, if the individual who made a donation and received goods and or services in exchange for any donation over $75.
The IRS is very particular as to what organizations receive tax-exempt status.
As tax laws can change, if you are in doubt, please check with the organization or IRS directly.
The section that deals with charitable donations and exemption requirements are 501(c)(3).
Charitable organizations are those that do not benefit the private interests of any individual or shareholder.
If you’re looking for information regarding how to start up a non-profit, then please visit the IRS page which goes over tax structures for non-profits.
What is a 501(c)(3) Non-Profit?
A 501 (c)(3) is a type of organization or corporation classified as a charity that’s able to accept charitable contributions.
Contributions given to a 501(c)(3) are tax-deductible when given before the close of the tax year. A pledge or promise to pay does not count.
All 501(c)(3) organizations must be approved by the IRS under a rigorous approval process.
If an organization is certified 501(c)(3), as most well-known charitable organizations are, it’s safe to give a donation knowing that it can be tax-deductible.
Click on the following charity to download their donation receipt:
American Cancer Society
American Heart Assoc.
American Red Cross
Big Brother / Big Sister
Boy Scouts
Epilepsy Foundation
Feeding America
Girl Scouts
Goodwill
Habitat for Humanity
Salvation Army
Special Olympics
United Way
YMCA
501(c)(3) Receipt Requirements
In accordance with Page 2 of IRS Publication 1771 the receipt must contain the following:
Name of the Charity;
Date of Contribution; and
Amount ($) of the Contribution.
Acknowledgement of “no goods or services were provided as part of this donation.”
No Goods or Services Provided
No payments made for goods or services can be deducted from a donor’s taxes even if the payment was made to a 501(c)(3) organization.
For example, if a person is going to a dinner event for a charity, the fee for the dinner may not be used as a tax deduction.
Although, if a separate cash donation is made at the dinner, that amount may be deducted.
Any single instance where a donation is made up to $250 does not need a receipt.
Under this rule, a person may make ten (10) trips to donate clothes and claim it as a tax deduction without proof or a receipt.
Once the amount, for any donation, reaches $250 or more, a receipt is required. (26 U.S. Code § 175(f)(8)(A))
If the donation is more than $500, the donation must be described in full. (26 U.S. Code § 175(f)(11)(B))
If the donation value is more than $5,000, the property must be assessed by a “qualified appraiser.” This is not defined although the donor is advised to use their best judgment. (26 U.S. Code § 175(f)(8)(C))
An individual may deduct up to 50% of their adjusted gross income (line 36 on IRS Form 1040 Schedule 1). (26 U.S. Code § 170(b)(1)(B))
| Author | – |
| Language | English |
| No. of Pages | 1 |
| PDF Size | 1 MB |
| Category | Form |
| Source/Credits | eforms.com |
Donation Receipt Template PDF Free Download