Year End Donations and Your Taxes

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**1/27/13 - UPDATE**

Due to an unnoticed processing error, some recently mailed 2012 tax summary statements contain irrelevant information and an incorrect calculation. These errors exists only on the printed reports and are not within the underlying database. We are very sorry for the error and any confusion or concern caused by it.

No KBOO member was ever doubled charged for their donation.

If you need documentation of your gifts to KBOO in 2012, email Andrew Geller in the Membership Department and he will return a corrected PDF file to you.  If you prefer to call, the number is 503-231-8032 x207.  Paper mail is also available by request.

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Below is some basic info (NOT legal or professional tax advice) regarding your 2012 contribution/s to KBOO and taxes. 

First, KBOO is certified by the IRS as a tax-exempt, non-profit 501(c)(3) organization. Your contribution to us are tax deductible, but if you receive any benefit in return (thank you gift), "you can deduct only the amount of your contribution that is more than the value of the benefit you receive." Donate $100. and receive a book worth $25?  You can deduct $75., not $100. See here for more details on this specific question.

Second, only contributions made in 2012 count for your 2012 taxes. The IRS states that a check is considered "delivered on the date you mail it." The date you write on the check has NOTHING to do with when your contribution counts. A check dated in January 2013, but mailed in December counts for 2012.  A check dated December 31, 2012 but mailed on January 2, 2013 doesn't.  Timing is especially important if you mail in a credit/debit card number for us to process. If we were unable to process it until after January 1, you cannot count the donation as a deduction for your 2012 taxes. Your best bet is to make an online contribution.

Third, the IRS requires that donors deducting charitable contributions to keep different types of records based on how you make your contribution to KBOO. We will distribute 2012 tax statements in the second half of January 2013.

The IRS links in this entry correspond to different sections of Publication 526 - Charitable Contributions. It is also available as a PDF file.

The above is general information offered solely as a convenience, and is not intended to be professional legal or tax advice. You should consult a professional tax preparer if you have questions about your specific circumstance.

 

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