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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? |
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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 |
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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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