Charitable Donations Get Stricter Tax Rules

If like me, donation is your key to clutter-free living , you need to read this article explaining the details of how the tax laws are changing.  Below are a couple excerpts of note.

Charitable Donations Get Stricter Tax Rules
LA TIMES ARTICLE by: Kathy M. Kristof 
August 27, 2006

Soon you'll need a receipt or canceled check for every gift. And those old jeans must be in 'good' shape. 

"The new law, however, requires that taxpayers have a receipt or canceled check for every monetary donation. A taxpayer's written record is no longer enough."

"Under the new rules for noncash donations, which went into effect when the law was signed Aug. 17, a donated item can be deducted in "fair" condition only if it's worth $500 or more, and the taxpayer gets an appraisal to prove it."

Read the full Article at: http://www.latimes.com/business/la-fi-perfin27aug27,1,6158058.column?ctrack=1&cset=true

Thanks to John at Organizing LA Blog for this news!