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Poor Record Keeping Means Lost Deductions

By Bill Zumwalt

Services for Real Estate Pros with William T. Zumwalt CPA, CTC "The Tax Coach for REALTORS"

January 22, 2014 09:51 PM

Check your records to be sure you have the paperwork you need for charitable contributions you want to deduct on your 2013 tax return. Cash, check, and other monetary donations of any amount can be deducted only if substantiated by a bank record or written documentation from the charity. The rules require you to obtain the necessary records before you file your 2013 return.

Bill Zumwalt
Helping REALTORS with Tax Solutions and Solving Tax Problems for REALTORS
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Frank Rubi

Frank Rubi Real Estate, LLC - Metairie, LA

FrankRubiRealEstate.com

Bill, good point on recording keeping. This is why I have move to scanning everything.

Jan 22, 2014 10:27 PM

Bob Crane

Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI

Forestland Experts! 715-204-9671

Its probably a good thing that few of my charitable acts were done for a tax deduction, seldom think to write a check to someone in need, cash, clothing or food always seems more useful.

But I do maintain a donor fund that gets infusions during the good years and gets distributed to those organizations in need during the years when cash is short.

Jan 23, 2014 04:09 AM

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