Examples: If a doctor donates a day a month to work for free for uninsured people, if a counselor donates time to counsel at a crisis center, if a carpenter donates his skills to habitat for humanity, if an audiologist does free hearing evaluations, a lawyer donates time to help parents with children with special needs to write up guardianship paperwork, etc.
2007-01-23 02:25:40 · 5 answers · asked by wannasnooze 3 in Business & Finance ➔ Taxes ➔ United States
No, per IRS rules, your time has no value.
2007-01-23 02:38:10 · answer #1 · answered by Wayne Z 7 · 1⤊ 0⤋
You get no value for donating your services. You can only deduct your out of pocket costs. If the carpenter uses his own money to buy materials for the Habitat for Humanity house, he can deduct the cost of materials.
2007-01-23 02:57:52 · answer #2 · answered by jseah114 6 · 1⤊ 0⤋
in case you purchase now, it extremely is extremely no longer likely you will pay sufficient pastime and sources taxes to itemize besides. If his W4 is desperate to single and nil, he could have no subjects, in spite of what supervisor says. He might have greater desirable withheld to be sure he replaced into ok. "yet possibly an out of state living house and could hire it out and might then convey mutually hire and write off shuttle for agency purposes." - terrible plan. Write off what shuttle? do you recognize the 1st component approximately being a LL? there is not any living house proprietor tax credit. "(even however we'd in all probability carry a room in it for ourselves for situations we are there)." - Lol, solid success, no tenant is going to desire to try this.
2016-12-16 11:29:24 · answer #3 · answered by Erika 4 · 0⤊ 0⤋
No, you can't deduct the value of your time. Any out-of-pocket expenses can be deducted though, as a charitable contribution.
2007-01-23 03:36:20 · answer #4 · answered by Judy 7 · 1⤊ 1⤋
No, but you they can deduct their costs such as mileage (14cents per mile in 2006) and supplies etc..
2007-01-23 02:31:38 · answer #5 · answered by Nusha 5 · 1⤊ 0⤋