A friend gave me a gift card to sell on ebay (they don't have an account) and told me to send the proceeds to a specific charity instead of writing them a check, cashing it, then they have to write out another check to the charity. Can I send the proceeds to the charity and have them use the receipt from the donation at tax time for the deduction??
2007-12-14 06:46:01 · 3 answers · asked by Joe M 1 in Business & Finance ➔ Taxes ➔ United States
Depending on the amount the card sells for, it may not be worth it to deduct it. If your friend is filing the short form, meaning he or she has no specialized deductions or other donations, that friend will have to file on the long form to take the deduction and if it's a small amount of money, it may not be worth the extra effort.
That said, you can make the donation in his or her name, but if you make it by check or credit card, your name and address will have to be used to verify payment so it could get a little difficult to get a receipt with his or her name on it.
What you might be able to do is donate cash in person to a local charity and have them put your friend's information on the receipt.
Really the most sure fire way to ensure that receipt is in order for tax purposes is to have the friend donate the money his or herself.
2007-12-14 06:59:21 · answer #1 · answered by Chanteuse_ar 7 · 0⤊ 0⤋
When you send the proceeds to the specific charity, ask the charity to send the receipt to that person. If your name is on the receipt, then you will be the only one who can get the deduction.
C. Worrall
http://cfoyourself.com
2007-12-14 14:57:36 · answer #2 · answered by CFO Yourself 1 · 0⤊ 0⤋
Officially, no, since they won't be making the donation, you will, even though it's with money that sort of belongs to them. The charity would send a receipt made out in YOUR name, so they couldn't use it.
2007-12-14 14:56:36 · answer #3 · answered by Judy 7 · 2⤊ 0⤋