Donation Receipt For Stock Donation In Illinois
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FAQ
Providing Receipts As soon as the donation is in your brokerage account, send the donor a nonprofit stock acknowledgment letter that includes a tax receipt for it.
In that case, all you need to provide in the donation receipt is the name and EIN of the organization, date of donation, and a description of the donated item. You should also add a note stating that the valuation of the item is the donor's income tax responsibility.
However, you should be able to provide a bank record (bank statement, credit card statement, canceled check or a payroll deduction record) to claim the tax deduction. Written records, like check registers or personal notations, from the donor aren't enough proof. The records should show the: Organization's name.
Getting a receipt every time you donate strengthens your tax records if you are audited. If you make a large donation and don't have (or can't find) the receipt, the donation will almost certainly be disallowed on audit. For this reason, it's best to set up a record-keeping system at the start of each year.
Deduction Limits – The IRS limits the amount you can deduct for charitable contributions of appreciated stock to 30% of your adjusted gross income (AGI) for the tax year. If your donation exceeds this limit, you can carry the excess deduction forward for up to five years.
A gift of stock is a donation of property. If a charity receives a gift of publicly traded stock, the charity should send the donor an acknowledgement letter that describes the stock (i.e., “Thank you for your donation of 100 shares of XYZ Corporation”) but does not place a monetary value on the shares.
Record the Donation For accounting purposes, publicly traded stock should be counted at the average of the high and low selling prices on the gift date (the date you receive it).
Providing Receipts As soon as the donation is in your brokerage account, send the donor a nonprofit stock acknowledgment letter that includes a tax receipt for it.
