QI heard that I cannot deduct my charitable contributions unless I kept my receipts. Is that true?
A “Yes, it is true,” Maryland Society of Accountants member Bob Davies said.
The Pension Protection Act of 2006, which President Bush signed into law on Aug. 17, requires that donors must have documentation of charitable contributions.
Davies said the new requirement says taxpayers cannot deduct their gifts of cash, checks or monetary gifts unless the taxpayer maintains an independent record of the contribution.
“The independent record could be a bank record, other than a canceled check, or written acknowledgment from the organization showing its name and the date and amount of the gift,” Davies said.
