When making year end gifts to charities, keep the following in mind:
1. A clothing or household item must be in good used condition or better to qualify OR have a qualified appraisal of over $500.
2. A taxpayer must have a bank record or written statement from a charity in order to deduct a donation regardless of amount.
3. Contributions are deductible for the year made.
For more information, consult the following IRS publication.
Starting January 1, 2015, the IRS will be implementing a one-IRA-rollover-per-year-rule. Certain exceptions may apply for individuals who rolled over distributions in 2014. For more information please click here and give us a call.
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