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| Forging
the Link Between People with Stuff to Give, and the Charities that
Need It. |
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Tax
Tips from Accountants
| "Donate
property that has a value greater than its cost and that you've
held for more than one year. You can take a deduction for the
full value of the property and you won't have to recognize the
gain." |
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--
Frank Seffinger, CPA, Denver
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| "Don't
undervalue your in-kind donations. The IRS requires substantiation
for a donation of more than $250.00. If you say it's worth less
and don't substantiate, the IRS could challenge the deduction
and disallow it." |
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--
Robert Cross, Public Accountants Society of Colorado, Northglenn |
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| This
information is not to be construed as tax or legal advice by the authors
and the authors are not liable for any mistakes or inaccuracies. There are rules governing the deductibility
of charitable contributions. Be
sure to consult with your tax and/or legal advisor for reporting and
compliance information and guidance. |
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The
Who, What, Where, How, and Why of In-Kind Charitable Giving (TM)
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(c) 2003-
2005 by MBD Publishing. All rights reserved regarding the Who Needs It?
directory series, underlying data compilations, and in this website. Unauthorized
reproduction in any form is strictly prohibited.
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