We donated a service provided by a third party (i.e. "not us") to a deduction-qualified church. The service has a clearly established price of $150. We didn't pay for the service, because the right to the service was given to us in compensation for the provider botching another instance of the service. Can we claim a deduction on our US federal taxes for the normal price of the service? [more inside]
What rules do you use for estimating the value of things you give to charity? The organizations we donate to ask us to estimate the value for tax purposes ourselves, rather than doing it for us. I know we obviously should not use the full price that we paid for the item. I am wondering if it is okay to value items at, for example, what we might get for them off Craigslist (sometimes say 1/3 to 1/2 or in rare cases even 2/3 what we paid, depending on the item and condition), or whether we should be valuing at more like what I'd use for a yard sale price of like 1/10th or lower. Does it matter? And is there a corresponding tax consequence for the recipient organization, such that if I declare the higher value on our taxes that organization realizes some proportionate tax or penalty? If so I should probably just estimate lower in order to further benefit the charity. Thanks!
Can grocery retailers claim a tax deduction for the market value of donated food, or just the cost of that food? I've been given both answers - but only one can be right, right? [more inside]
Building a website for a charity in Australia. Can I get any tax deductions from this? Does it make a difference if I charge them or if I do it for free? [more inside]
I'm living in Melbourne, Australia, and I have a whole lot of unwanted clothing (some unworn or barely worn) that I want to donate to an op shop. Am I able to get any tax deduction for this?
Where can a theater company get legal and tax advice in NYC? [more inside]
If you have filed for exemption with the IRS for a nonprofit you are starting and your status is pending while they review, I understand that you can still solicit donations and generally when your exemption is granted your exempt status applies retroactively to your date of incorporation. But how are the donor's charitable contributions treated? Can they deduct the tax year they donate or do they have to wait until the tax year in which exemption is granted (if the pending period lasts until a new tax year)? Or is it also retroactive and they would have to amend their previous tax return once the nonprofit gains exempt status?
I've got $20,000 coming to me, and this may possibly be a bad thing. Mature Bonds vs. Charity filter... [more inside]