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    What to know about deducting charitable contributions

    Consumer Reports News: April 02, 2010 07:08 AM

    Whether you're in the last throes of toting up last year's charitable contributions for your taxes, or haven't yet started, check out the IRS's Top Ten Tips for Deducting Charitable Contributions. Here are few things worth knowing:

    • Regardless of the amount donated, you must have a written record: a receipt, written confirmation, credit-card or bank account statement or other document. The name of the organization, amount of donation, and the date of donation must be noted. If you texted your donation, the phone bill must include that information.

    • Donated clothing and household items must be in at least good condition to count toward a charitable contribution.

    • The time you donated toward a cause is not deductible. But you can deduct your mileage, though the amount—14 cents per mile—is rather paltry, in our view.

    Consumer Reports outlines the do's and don't's of deductions. On our Tax Information Guide page, you'll also find information about auto donations, deductions after catastrophes or thefts, and even a discussion of whether it's worthwhile to itemize this year at all.


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