Also, for gifts clear and irrevocable title transfers may come before possession, I believe. You can own something at a different location.
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-----Original Message-----
From: Ruth Taylor <[log in to unmask]>
Sender: Museum discussion list <[log in to unmask]>
Date: Sun, 26 Dec 2010 17:30:11
To: <[log in to unmask]>
Reply-To: Museum discussion list <[log in to unmask]>
Subject: Re: [MUSEUM-L] End of the year donations
But, there is some allowance for checks written on the 31st and not received until early Jan, I think (unless that has changed recently).
Ruth
Ruth S. Taylor
Executive Director
Newport Historical Society
<http://www.newporthistorical.org/> www.newporthistorical.org <http://www.newporthistorical.org/>
401-846-0813
________________________________
From: Museum discussion list on behalf of Aderman, Ella
Sent: Sun 12/26/2010 3:30 PM
To: [log in to unmask]
Subject: Re: [MUSEUM-L] End of the year donations
From the IRS website: See #6 below.....
Ten Tips for Taxpayers Making Charitable Donations
IRS Summertime Tax Tip 2010-21
Did you make a donation to a charity this year? If so, you may be able to take a deduction for it on your 2010 tax return.
Here are the top 10 things the IRS wants every taxpayer to know before deducting charitable donations.
1. Charitable contributions must be made to qualified organizations to be deductible. You can ask any organization whether it is a qualified organization and most will be able to tell you. You can also check IRS Publication 78, Cumulative List of Organizations, which lists most qualified organizations. IRS Publication 78 is available at IRS.gov.
2. Charitable contributions are deductible only if you itemize deductions using Form 1040, Schedule A.
3. You generally can deduct your cash contributions and the fair market value of most property you donate to a qualified organization. Special rules apply to several types of donated property, including clothing or household items, cars and boats.
4. If your contribution entitles you to receive merchandise, goods, or services in return - such as admission to a charity banquet or sporting event - you can deduct only the amount that exceeds the fair market value of the benefit received.
5. Be sure to keep good records of any contribution you make, regardless of the amount. For any contribution made in cash, you must maintain a record of the contribution such as a bank record - including a cancelled check or a bank or credit card statement - a written record from the charity containing the date and amount of the contribution and the name of the organization, or a payroll deduction record.
6. Only contributions actually made during the tax year are deductible. For example, if you pledged $500 in September but paid the charity only $200 by Dec. 31, your deduction would be $200.
-----Original Message-----
From: Museum discussion list [mailto:[log in to unmask]] On Behalf Of Gail Kana Anderson
Sent: Saturday, December 25, 2010 1:47 PM
To: [log in to unmask]
Subject: [MUSEUM-L] End of the year donations
Merry Christmas everyone.
The question has just been raised, can a gift come in the first week of January if the promise has already been made. I am looking for some documentation on this but thought I would go first to the collective wisdom of my colleagues.
Best to all.
Thank you.
Gail Kana Anderson
Deputy Director
Fred Jones Jr. Museum of Art
The University of Oklahoma
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