Contribution Limits by Individuals

Could you please comment on whether the IRS has different accounting requirements if an individual contributes over a certain threshold, say over $10,000 in one year to a church. Thank you.

Answer

No, not for the church. You would issue a contribution receipt as usual. Make sure you attach a list of all their individual contributions.

Now that individual may face some restrictions when they claim their charitable contributions if the total of all their contributions are over 20% of their adjusted gross income.

See IRS Pub 526 for more information on charitable contributions.

Hope this helps,




Church Accounting Package


www.freechurchaccounting.com

Click here to post comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Contributions .



Need training on how to use QBO or Aplos effectively for a church or better yet ...need an expert in either of those accounting software to do your monthly bookkeeping and/or payroll? See more on our accounting services!







Enjoy this page? Please pay it forward. Here's how...

Would you prefer to share this page with others by linking to it?

  1. Click on the HTML link code below.
  2. Copy and paste it, adding a note of your own, into your blog, a Web page, forums, a blog comment, your Facebook account, or anywhere that someone would find this page valuable.