New Standards for Giving
Are you in the habit of making cash donations or giving used clothing or other items to charity? If so, starting January 1st you'll need to develop two new habits. As reported in the Wall Street Journal's 11/11-12 edition, new legislation will require that you get receipts for all cash donations that you itemize on your taxes and that any non-cash donations you make are in "good" condition.
Matt's View
While the new rules will make life a bit more complicated for those who give, it should help charities. If you've ever noticed the size of the dumpsters in back of many Salvation Army or Goodwill stores, it's clear that the condition of a lot of what gets donated is far from "good."
For help in valuing donated items, the Salvation Army offers an online guide.
This article filed in: Giving
Managing Money by The Book
- "Therefore everyone who hears these words of mine and puts them into practice is like a wise man who built his house on the rock. The rain came down, the streams rose, and the winds blew and beat against that house; yet it did not fall, because it had its foundation on the rock." - Matthew 7:24-25
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