J.K. Lasser's Your Income Tax 2015: For Preparing Your 2014 Tax Return

Chapter 14Charitable Contribution Deductions

By making deductible donations, you help your favorite philanthropy and at the same time receive a tax benefit. For example, if you are in the 25% tax bracket, a donation of $1,000 reduces your taxes by $250.

For cash donations of any amount, your deduction will be disallowed if you do not have a cancelled check or account statement, or a written receipt from the charity, to substantiate your contribution.

For donations of $250 or more, you must receive a written acknowledgement from the organization that indicates whether you received goods or services in return for your donation. You need the acknowledgment as well as a cancelled check for a cash donation of $250 or more (14.14).

If you claim deductions for property valued at more than $500, you must substantiate the contribution on Form 8283 and attach it to Form 1040. If the value you claimed for the property exceeds $5,000, you generally must obtain a written appraisal (14.15).

If you donated a car (or other vehicle) valued at over $500, you also must attach Copy B of Form 1098-C to your return. Your deduction is generally limited to the gross sales proceeds received by the charity on a sale of the vehicle, even if you could substantiate a higher fair market value (14.7).

There are deduction ceilings depending on the type of donation and the nature of the charity, and an annual ceiling based on adjusted gross income (14.17).

If your adjusted gross income for 2014 exceeds the ...