2006-09-03 05:26:47 · 8 answers · asked by stevenpdk2000 1 in Business & Finance ➔ Taxes ➔ United States
I would say the retail cost as you are losing the opportunity of selling it to someone else at that price.
2006-09-03 05:32:10 · answer #1 · answered by Dave 2 · 0⤊ 2⤋
Wholesale.
Sorry - I owned a business (restaurant), and the only cost I could deduct on my donations was the price I paid for the materials. I couldn't even deduct the labor of my employees, much less the standard markup for retail or to cover fixed expenses.
2006-09-03 05:36:36 · answer #2 · answered by Steve 6 · 1⤊ 0⤋
You can only deduct the lesser of the cost of the raw materials or the actual cash value of the item at the time of the donation. You can NOT deduct the "value" of your labor.
2006-09-03 05:46:31 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Neither.
You deduct the cost of materials to build it.
The item was never in store merchandise where a bill for purchase was recorded by the store owner.
2006-09-07 04:44:23 · answer #4 · answered by zahbudar 6 · 0⤊ 0⤋
you would deduct the "resale" value-what is the value at the time of the donation! for $20 you can get a software program through quiken that lists the resale prices of many items. (turbo tax)
or you can go down to a pawn shop or goodwill shop and check out similar items-but it's a good idea to keep pictures, and proof of worth
2006-09-03 05:35:26 · answer #5 · answered by Big D 3 · 0⤊ 1⤋
The retail price as long as it is the same as the fair market value.
2006-09-03 12:48:08 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Unless you have your own Sales Tax ID number, Arbonne is required to collect and remit sales taxes on sales. Arbonne then reports on that collected tax and is responsible for forwarding to that state’s taxing authority. Arbonne has to assume that you will be selling those products for their retail price and thus must collect the full tax amount. IF you did not wish to remit sales tax through Arbonne may obtain, and furnish Arbonne with, a sales tax ID number. In these cases, it becomes your responsibility to collect and remit sales taxes directly to the locality. Contact your local tax authority for information. Arbonne is trying to simplify the process for consultants so they do not have to track sales tax on their own and have to remit it to their tax authority.
2016-03-17 07:23:11 · answer #7 · answered by Anonymous · 0⤊ 0⤋
you can only deduct whatever the fair market value of the item is, the day that you donate it. you can go to this site and it will help you figure that out: http://www.kiplinger.com/personalfinance/columns/ask/archive/2005/q1208.htm
2006-09-03 15:20:39 · answer #8 · answered by goofybored 2 · 0⤊ 0⤋
Only what you spent for materials is deductible
2006-09-05 06:18:45 · answer #9 · answered by Tanya E 2 · 0⤊ 0⤋