Charitable Contributions Recordkeeping Requirements

Charitable Contributions Recordkeeping Requirements

Recordkeeping Requirements Recordkeeping Requirements for Charitable ContributionsReporting Requirement Thresholds:• Cash. Do not combine separate contributions.• Noncash. Combine claimed deductions of all similar items to determine$501 or greater amount....
Kiddie Tax

Kiddie Tax

Kiddie Tax “Kiddie tax” is the term used for the tax on certain unearned income of children. Children typically are in a lower tax bracket than their parents and the kiddie tax was developed to prevent parents from lowering their tax liability by shifting investment...

Itemized Deductions Casualty and Theft Losses

Federally-Declared Disaster Areas For 2019, a personal casualty loss is deductible (subject to limitations) only if such loss is attributable to a federally declared disaster.A federally-declared disaster is any disaster determined by the President of the United...