What type of documentation is needed to substantiate charitable contributions?

To substantiate charitable contributions, it is essential to have receipts or bank records for contributions that exceed $250. The IRS guidelines specify that for any donation over this amount, taxpayers must maintain written records to support their claims. This can include acknowledgment letters from the charity that detail the donation amount and date, as well as bank statements showing the transaction. This requirement is in place to provide a clear audit trail and to prevent potentially fraudulent claims.

The other options are insufficient for various reasons. Bank statements alone do not provide specific details regarding the purpose or recipient of the donation. Email confirmations may not always meet IRS requirements, as they may not serve as formal acknowledgment that the contribution was received. Verbal confirmations lack the necessary documentation needed for tax reporting purposes and provide no written proof of the contribution. This requirement for proper documentation ensures transparency and compliance with tax regulations regarding charitable contributions.