Thanks for considering a donation to Process Reversal. Below is some information you might need to successfully deduct your donation from your annual income tax return…
Deducting Your Donation (Individuals)
- Your donation is deductible up to 50% of your adjusted gross income for the year that the donation is made. Anything above that will not be deductible.
- Donations can be deducted retroactively up to three years from the date of your donation.
- When filling IRS form 1040, attach Schedule A and include the total amount of your donation(s) on Line 16.
- Keep a receipt or record of your donation. While you will not need to submit this with your form 1040, it is recommended for your own records. If you did not receive a receipt, please write to the treasurer at firstname.lastname@example.org with as much information about the donation as possible.
- When filling IRS form 1040, attach Schedule A and include the total amount of your donation(s) on Line 17.
- If the value of your donation exceeded 500.00 USD, you will need to file IRS form 8283 along with your 1040. Process Reversal will supply this form with all the information concerning the donation completed.
- If the value of your donation exceeded 5,000.00 USD, than an appraisal of the property will have needed to be made. This will also be supplied by Process Reversal.
Official IRS Documents and Information
- IRS Publication 526, Charitable Contributions
- Eight Tips for Deducting Charitable Contributions (HTTP)
We want to make your donation process as simple as possible. If you have any questions or concerns, or need help deducting your donation, please write to us!