Receipts for Returned Property
If an organization returns a property (or another property that is considered compensation for or a substitute for the property) to a donor after an official receipt has been issued for the gift of the property, the organization must issue a new official receipt if the fair market value of the returned property exceeds $50. The organization must also send us the new receipt within 90 days after returning the property and give a copy to the donor.
We may issue a notice of reassessment with respect to the donor's income tax return to correct the amount granted as a tax credit for donations and gifts, or as a deduction for donations and gifts (in the case of corporations).