How do I write-off a donation?
November 2, 2011 10:10 AM Subscribe
Tax question: How do I determine the value (if any) for a donation write-off?
posted by Thrillhouse to law & government (11 answers total) 1 user marked this as a favorite
I have acquired several thousand dollars worth of cell phone accessories that someone here recommended I donate to Cell Phones for Soldiers.
I would like to do that and take a tax write-off for the value.
I acquired these legally and for free. A store was dumping old inventory and I took them all.
I looked up the values of each item and the current retail (mostly discounted) price according to the retailer comes to $16,000.
Can I donate these and take ANY size write-off considering the fact that I didn't pay for them? Can I take the write-off when donating to Cell Phones for Soldiers (a 501c3 Non Profit)?
What do I need to know before going through with this?