The IRS has issued final regulations relating to the substantiation and reporting of charitable contribution deductions under Code Sec. 170. The final regs adopt proposed regulations issued in 2008, as well as other interim guidance, with only a few minor modifications. The regulations cover:
– the substantiation requirements for cash, check, or other monetary gifts;
– the substantiation requirements for contributions of $500 or more;
– the substantiation requirements for noncash contributions of clothing and household items; and
– the definition of qualified appraisal and qualified appraiser applicable to noncash contributions.
Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.