Instructions For Forms 740 And 740-Ez - Kentucky Individual Income Tax Return - 2011 Page 23
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30Dues, fees or bills paid to country clubs, lodges, fraternal
Examples of qualifying organizations are:
orders or similar groups.
Churches, temples, synagogues, Salvation Army, Red
Value of any benefit, such as food, entertainment or mer-
Cross, CARE, Goodwill Industries, United Way, Boy
chandise that you received in connection with a contribu-
Scouts, Girl Scouts, Boys and Girls Clubs of America,
tion to a charitable organization.
etc.
Cost of raffle, bingo or lottery tickets.
Fraternal orders if the gifts will be used for the purposes
Cost of tuition.
listed above.
Value of your time or service.
Veterans’ and certain cultural groups.
Value of blood given to a blood bank.
Nonprofit schools, hospitals and organizations whose
The transfer of a future interest in tangible personal
purpose is to find a cure for, or help people who have
property (generally, until the entire interest has been
arthritis, asthma, birth defects, cancer, cerebral palsy,
transferred).
cystic fibrosis, diabetes, heart disease, hemophilia,
Gifts to:
mental illness or retardation, multiple sclerosis, muscular
Individuals.
dystrophy, tuberculosis, etc.
Foreign organizations.
Federal, state and local governments if the gifts are solely
Groups that are run for personal profit.
for public purposes.
Groups whose purpose is to lobby for changes in the
laws.
If you contributed to a qualifying charitable organization
Civic leagues, social and sports clubs, labor unions and
and also received a benefit from it, you may deduct only
chambers of commerce.
the amount that is more than the value of the benefit you
received.
Line 15—Enter all of your contributions paid by cash or check
(including out-of-pocket expenses).
Contributions You MAY Deduct
Line 16—Enter your contributions of property. If you gave
Contributions may be in cash, property or out-of-pocket
used items, such as clothing or furniture, deduct their fair
expenses you paid to do volunteer work for the kinds of
market value at the time you gave them. Fair market value is
organizations described above. If you drove to and from the
what a willing buyer would pay a willing seller when neither
volunteer work, you may take 14 cents a mile or the actual
has to buy or sell and both are aware of the conditions of
cost of gas and oil. Add parking and tolls to the amount you
the sale. If your total deduction for gifts of property is more
claim under either method. (Do not deduct any amounts that
than $500, you must complete and attach federal Form 8283,
were repaid to you.)
Noncash Charitable Contributions. If your total deduction is
over $5,000, you may also have to obtain appraisals of the
Note: You are required to maintain receipts, cancelled checks
values of the donated property. See federal Form 8283 and
or other reliable written documentation showing the name of
its instructions for details.
the organization and the date and amount given to support
claimed deductions for charitable contributions.
Also include the value of a leasehold interest property con-
tributed to a charitable organization to provide temporary
Separate contributions of $250 or more require written
housing for the homeless. Attach Schedule HH.
substantiation from the donee organization in addition to
your proof of payment. It is your responsibility to secure sub-
Recordkeeping—If you gave property, you should keep a
stantiation. A letter or other documentation from the qualify-
receipt or written statement from the organization you gave
ing charitable organization that acknowledges receipt of the
the property to, or a reliable written record, that shows the
contribution and shows the date and amount constitutes a
organization’s name and address, the date and location of the
receipt. This substantiation should be kept in your files. Do
gift and a description of the property. You should also keep
not send it with your return.
reliable written records for each gift of property that include
See federal Publication 526 for special rules that apply if:
the following information:
your total deduction for gifts of property is over $500,
(a) How you figured the property’s value at the time you
you gave less than your entire interest in the property,
gave it. (If the value was determined by an appraisal,
you should also keep a signed copy of the appraisal.)
your cash contributions or contributions of ordinary
income property are more than 30 percent of Line 9,
(b) The cost or other basis of the property if you must reduce
Form 740,
it by any ordinary income or capital gain that would have
your gifts of capital gain property to certain organizations
resulted if the property had been sold at its fair market
are more than 20 percent of Line 9, Form 740, or
value.
you gave gifts of property that increased in value, made
(c) How you figured your deduction if you chose to reduce
bargain sales to charity, or gave gifts of the use of
your deduction for gifts of capital gain property.
property.
(d) Any conditions attached to the gift.
You MAY NOT Deduct as Contributions
(e) If the gift was a “qualified conservation contribution”
Travel expenses (including meals and lodging) while away
under IRC Section 170(h), the fair market value of the
from home unless there was no significant element of
underlying property before and after the gift, the type
personal pleasure, recreation or vacation in the travel.
of legal interest donated and the conservation purpose
Political contributions.
furthered by the gift.
25
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial