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Q: Are gifts that are donated to charity tax deductible? ( Answered,   1 Comment )
Question  
Subject: Are gifts that are donated to charity tax deductible?
Category: Business and Money > Accounting
Asked by: andy4455-ga
List Price: $10.00
Posted: 05 Jun 2006 10:32 PDT
Expires: 05 Jul 2006 10:32 PDT
Question ID: 735460
My question is regarding tax deductible donations of private property to charities.
Over the years we have received a number of gifts for birthdays,
wedding and aniversaries, which range from clothing to china, books
etc..
Does the IRS code provide guidance if these, if donated, are tax deductible?
My question is not about the value, but rather if gifts from third
parties to us can be donated and a tax deduction taken.
Is there a IRS code number or link available?
Answer  
Subject: Re: Are gifts that are donated to charity tax deductible?
Answered By: taxmama-ga on 11 Jun 2006 12:29 PDT
 
Dear Andy,

Internal Revenue Code Section 170 deals with charitable contributions.
You can read it online at Cornell University's onlin Tax Code:
http://www.law.cornell.edu/uscode/html/uscode26/usc_sec_26_00000170----000-.html

As to the deductibility, Research_Help-ga is correct. Once you own 
something, it's yours to use or donate as you see fit. If you donate it,
you may take the deduction - assuming, of course, that you are able to
itemize your deductions.

IRS does not, in so many words, spell out that donations of gifts you
receive are deductible. 

Best wishes,

Your TaxMama-ga
Comments  
Subject: Re: Are gifts that are donated to charity tax deductible?
From: research_help-ga on 05 Jun 2006 12:48 PDT
 
A gift to charity is tax deductible if you itemize your deductions and
you did not receive something of equal value in return for your
donation. It doesn't matter if you originally received the item as a
gift. Once it's yours, it's yours.

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