I have a quick question.....can the money a donated item sells for be taken as a tax deduction?
6th Annual 'Saint' Sue Moore Memorial Fundraiser - We Need Your Help!
- Thread starter Toothpick
- Start date
IRS Tax Tip 2011-57
Charitable contributions made to qualified organizations may help lower your tax bill. The IRS has put together the following eight tips to help ensure your contributions pay off on your tax return.
1. If your goal is a legitimate tax deduction, then you must be giving to a qualified organization. Also, you cannot deduct contributions made to specific individuals, political organizations and candidates. See IRS Publication 526, Charitable Contributions, for rules on what constitutes a qualified organization.
2. To deduct a charitable contribution, you must file Form 1040 and itemize deductions on Schedule A.
3. If you receive a benefit because of your contribution such as merchandise, tickets to a ball game or other goods and services, then you can deduct only the amount that exceeds the fair market value of the benefit received.
4. Donations of stock or other non-cash property are usually valued at the fair market value of the property. Clothing and household items must generally be in good used condition or better to be deductible. Special rules apply to vehicle donations.
5. Fair market value is generally the price at which property would change hands between a willing buyer and a willing seller, neither having to buy or sell, and both having reasonable knowledge of all the relevant facts.
6. Regardless of the amount, to deduct a contribution of cash, check, or other monetary gift, you must maintain a bank record, payroll deduction records or a written communication from the organization containing the name of the organization, the date of the contribution and amount of the contribution. For text message donations, a telephone bill will meet the record-keeping requirement if it shows the name of the receiving organization, the date of the contribution, and the amount given.
7. To claim a deduction for contributions of cash or property equaling $250 or more you must have a bank record, payroll deduction records or a written acknowledgment from the qualified organization showing the amount of the cash and a description of any property contributed, and whether the organization provided any goods or services in exchange for the gift. One document may satisfy both the written communication requirement for monetary gifts and the written acknowledgement requirement for all contributions of $250 or more. If your total deduction for all noncash contributions for the year is over $500, you must complete and attach IRS Form 8283, Noncash Charitable Contributions, to your return.
8. Taxpayers donating an item or a group of similar items valued at more than $5,000 must also complete Section B of Form 8283, which generally requires an appraisal by a qualified appraiser.
So I take it that's a yes? lol
- Thread starter
- #24
That's a yes. You'll get a receipt emailed to you from the NBCF once you make a donation.
I'll be donating two pucks of Mystic Water soap. I just placed a huge order with them and got a few duplicates. I won't be able to get pics of them until I get back from my trip though, so I'll submit the form around the beginning of September.
Just to whet your appetites, here's a preview of 2 of the items I'll have up. The brush, with a Virginia Sheng knot, was made by our Steward, [MENTION=102600]Devonmoonshire[/MENTION]. It is made from a police baton. Oops, I'll have to do the pics from my phone. Be Right Back, folks. The razor is in very very nice condition.
These are nowhere close to the nicest items you will see at the Auction
These are nowhere close to the nicest items you will see at the Auction
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- Thread starter
- #27
Stunning Photos CaptP and just some back history on that Brush. The Police Baton it is made from is actually one I used many, many years ago on patrol and it saved my life and the tip of it was shattered in the process when I swung it at the firearm that the perpetrator was getting ready to fire at me. So this Brush is indeed a very special one from me and I do very much hope that it brings us much closer to a cure my Friends.
I'll also be offering up a couple of near unobtanium soaps, but I'm keeping them secret until the Auction.
And a nice Brown Leaf assortment of premium cigars, some of them true Unobtanium
And a nice Brown Leaf assortment of premium cigars, some of them true Unobtanium
Stunning Photos CaptP and just some back history on that Brush. The Police Baton it is made from is actually one I used many, many years ago on patrol and it saved my life and the tip of it was shattered in the process when I swung it at the firearm that the perpetrator was getting ready to fire at me. So this Brush is indeed a very special one from me and I do very much hope that it brings us much closer to a cure my Friends.
Now that is an interesting history!
Let's make this the best auction ever. I'm still gathering items to offer up.
A great cause. I will be going through my stash later this month.
Thank you very much Jim, anything made from this Baton will certainly be a true Family Heirloom to be passed on as it has a wonderful history behind it already my Friend.
I have a used straight that is in very good condition and have tried to sell it but no takers so in the spirit of giving can I donate it, it will be shave ready and clean right out of the box.
- Thread starter
- #35
Ya'll are awesome!
I too am collecting things for the Auction!
- Thread starter
- #37
I've got a little something to donate for the firearms crowd. Bought a pocket clip and trigger guard for the LCP that I'm not going to use any longer.
Sorry if I missed it, but what's the cutoff date for making a donation?
- Thread starter
- #39
Technically there is no cut off date. Or..it would be the start of the auction which is October 19.
But we ask that donations come in as early as possible since it takes time to get them organized.
Thanks!
Thanks for a quick reply. I have two bowls to make but I'll get to work on my donation as soon as they're done. Maybe even before that. I mix the chemos at a cancer clinic, so this is a worthy cause that I can fully support, and something that is close to my heart. I feel for everyone who has fought or is fighting this terrible disease. Props to B&B for remembering Sue with such a great auction.
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