For example, if I donate $1500 (cost) worth of items to a local high school, is that deductible as a charitable contribrution? (Are high schools "qualified charities"?)
2007-11-20 18:08:40 · 3 answers · asked by John E 1 in Business & Finance ➔ Taxes ➔ Other - Taxes
Yes, if you donate or give something to a school it is deductible, but you should get an itemized receipt from the school. Get a receipt for your own safety in case you are audited.
2007-11-20 18:18:23 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Generally, they are eligible organizations for you to deduct contributions. But you don't deduct the original cost of the items - you deduct at most their used fair market value which is normally quite different from cost.
2007-11-21 03:31:58 · answer #2 · answered by Judy 7 · 1⤊ 0⤋
A new law was enacted in 2006. If you give something (not cash) valued at more than $500, you will have to get it appraised. That was enacted to prevent abuses.
2007-11-21 03:08:33 · answer #3 · answered by Deens 4 · 1⤊ 0⤋