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Commonly Asked Questions about Non cash receipt in Donation Forms

For any contribution of $250 or more (including contributions of cash or property), you must obtain and keep in your records a contemporaneous written acknowledgment from the qualified organization indicating the amount of the cash and a description of any property other than cash contributed.
Substantiation requirements. The IRS requires donors to complete and file Form 8283 for non-cash contributions exceeding $500. Additionally, specific details about the contributed property, such as its description, date acquired, cost or other basis, and fair market value, must be included on the form.
For contributions of non-cash assets held more than one year, the limit is 30% of your adjusted gross income (AGI). Your deduction limit will be 60% of your AGI for cash gifts.
The total deductions are capped at 20% to 50% of a taxpayers AGI for non-cash contributions and gifts to non-qualifying organizations, including private non-operating foundations, supporting organizations, donor-advised funds, and other charitable organizations that do not qualify as public charities.
Non-cash items are furniture, clothing, home appliances, sporting goods, artwork and any item you contribute other than cash, checks, or by credit card.
The accepted way to record in-kind donations is to set up a separate revenue account but the expense side of the transaction should be recorded in its functional expense account. For example, revenue would be recorded as Gifts In-Kind Services, and the expense would be recorded as Professional Services.
Individuals, partnerships, and corporations file Form 8283 to report information about noncash charitable contributions when the amount of their deduction for all noncash gifts is more than $500.
For tax years beginning in 2021, an individual who does not itemize deductions may claim a charitable contribution deduction of up to $300 ($600 in the case of a joint return) for any cash contribution made during the tax year that would otherwise be allowed as an itemized deduction.