How should I keep records of my charitable donations?
An example of an AI chatbot conversation about record-keeping for charitable donations.
How should I keep records of my charitable donations?
It's important to keep detailed records of your charitable donations for tax purposes. You should maintain receipts, bank statements, and any correspondence from the charity.
What specific information should I include in my records?
You should include the date of the donation, the amount, the name of the charity, and a description of the donation. If it's a non-cash donation, document its fair market value.
How long should I keep these records?
Generally, you should keep your records for at least three years after the tax year in which you made the donation. However, if you claim a deduction for a non-cash donation over $500, keep the records for seven years.
Are there any digital tools that can help with this?
Yes, there are several apps and software available that can help you track your donations, such as Donorbox, GiveLively, and Charity Navigator.
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