Many of our GHS supporters are now in the midst of tax season, either collecting information for their accountants or preparing for the daunting task of doing it themselves. We’ve put together a few helpful reminders to remember as you prepare for your filing:   

If you made a cash (check or ACH) gift to a non-profit organization, such as the Georgia Historical Society, provide your accountant with the dollar amount of the gift and the date the gift was given. He/she will usually not need to see a copy of the check but will ask you to confirm that the payment was made. You should also have received a letter of thanks or an email from the charitable organization to recognize your gift. You should retain a copy of this communication for your files.

If you have made an in-kind gift (such as a book or other object) to a qualifying charitable organization the IRS will generally allow your gift to be deducted at the fair market value (FMV) on the date of contribution. The IRS defines the FMV as the price for which the property would sell on the open market. Often, the FMV may be less than originally paid for the item. If a Donor chooses to rely on an “expert” for a valuation, the Donor should be certain that the expert selected has sufficient knowledge, experience, and competence in that field.  Individuals must use Form 8283, Noncash Charitable Contributions, when the amount of their deduction for all noncash gifts is greater than $500.   

For detailed questions concerning the deductibility of gifts to qualified organizations, please consult with your tax or financial advisor. The Georgia Historical Society does not provide legal or tax advice.