if i donate event tickets to a non profit organization can i deduct the face value on my taxes?must i itemize?

Question

i have extra tickets for a sporting event that i am unable to use and if i donte to the boys n girls club for instance can i deduct these on my taxes? will i need to itemize to take advantage of the deductions?

Answer 1

Yes you can deduct the face value of the tickets if given to a qualified charity. You must itemize to do so. To itemize, you will need to exceed the standard deduction for your filing status. For tax year 2006 they are as follows:

Single and Married filing separately - $5,150
Married filing jointly and Qualifying Widow - $10,300
Head of Household - $7,550

Be sure to get a receipt. The IRS is changing the guidelines for charitable contributions this year and a receipt or canceled checks will now be required for all donations.

Answer 2

Yes you can take the face value of the tickets as a deduction. Be sure to get a receipt. Yes you must itemize. The total of all of your deductions--propety taxes, mortgage interest, medical bills less the exclusion, and all charital contributions must exceed your standard deduction. $5500 if single, $10000 if married.

Answer 3

I know of people that run a second-hand store. They take donations and then sell the items. Other than the rent they pay for their store location, everything they get is profit. They work the store themselves so they don't have the cost of employees. They help other people too by selling items for less than they would cost in stores. Another thing to consider is that you can or for a non-profit organation and get paid. The organiation itself doesn't make money, but you are on salary and you get paid. Non-profits aren't run solely by volunteers. Many of the employees make money.

Answer 4

Yes. You can deduct the amount paid as a charitable contribution on Schedule A of your personal income tax return.

Answer 5

Yes, you can deduct them if you itemize.