Wash. Admin. Code § 256-30-040 - Income tax charitable deductions
Receipts shall be issued for gifts that qualify for income tax charitable deductions.
(1) Cash and
checks: Cash and checks may be accepted regardless of the amount. The value of
any cash or check gift is its face value. Checks should be written to the eastern
Washington state historical society or EWSHS.
(2) Real or personal property: If the gift is
personal or real property the society may document the value of the gift as it
was formally appraised or accept the donor's stated value as a good faith
estimate.
(3) Life insurance: If the
donor named the society as the beneficiary of a new or existing whole life
insurance policy, the designation will be recorded as a gift, at its present
value, when the gift becomes irrevocable. Alternatively, when the society is
named as both beneficiary and irreversible owner of a whole life insurance
policy, it will be recorded as a gift.
(4) Charitable remainder trusts, charitable
lead trusts, and willed bequests: The income from a trust and/or a willed legacy
will be recorded as a gift, at its present value, when a gift becomes
irreversible.
(5) Retirement plan
beneficiary designations: If a donor designates the society as a beneficiary of
his or her retirement plan, it will be recorded as a gift, at its present value,
when the gift becomes irreversible/permanent.
(6) Gifts in-kind: These include gifts of time
and services. The society will record the donation of time and services, but will
not identify a dollar value.
Notes
Statutory Authority: Chapter 27.34 RCW, RCW 42.56.040, 27.34.070, and 43.21C.120. WSR 17-07-057, § 256-30-040, filed 3/11/17, effective 4/11/17.
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