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Tax Talk Tuesday: How to Deduct Non Cash Charitable Contributions

Welcome to Tax Talk Tuesday. Today we’re talking about charitable contributions of property with Johnathon Lansink, CPA at John A. Knutson & Co., PLLP. Many people are aware that if you itemize your deductions on your individual tax return you can benefit from claiming charitable donations made to qualifying 501c3, or nonprofit organizations. If you give cash, the process is easy, you get a receipt from the organization and you put the amount of cash given right on your tax return. But what if you give property? You’re allowed to deduct the “fair market value” of property donated to a qualifying organization. If you claim donated property on your taxes, you need to have documentation showing value of the property, your basis (or original purchase price), date of donation, and the name and address of the donee organization. If you claim over a $500 deduction on donated property in a given year, then you need to provide all of this information to the IRS on form 8283 with your tax return. Valuing used property, like Goodwill donations, can be tricky. Goodwill actually has a “Valuation Guide” that you can search for online, this can help you estimate the value of your goods. Remember that used property is worth significantly less than the original sales price, and you need to be reasonable with your valuation. One final note: If you’re going to be donating large amounts of money or property, please talk to a tax professional, because more rules kick in as amounts increase. Thanks for listening to another episode of Tax Talk Tuesday. For any questions or tax assistance, please contact your JAK representative. www.jakcpa.com 651-641-1099