You're extremely charitable
You're extremely charitable
It's great to be charitable, but don't exaggerate the amount of money or items you're donating.

When giving small items to Goodwill or thrift stores, report the estimated resale value, not the original value. And make sure you keep track of when donations are made and hold on to receipts. It also doesn't hurt to take photos of the donated items for your records.

"Be realistic and try to be as specific as possible," said Online Taxman's Villamena. "Generally, if a donation is under $250, it's not a big deal, but if it's over $250 you should have supporting documentation."

If your charitable donations are unusually high relative to your income, the IRS is likely to give your return more scrutiny as well, said Blank Rome's Comisky.

"If you have $20,000 of income and report $10,000 in charitable contributions, that's going to raise eyebrows," said Comisky.


By Blake Ellis @CNNMoney - Last updated March 28 2012: 5:44 AM ET
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