Charitable Deductions

Dinner dance - deductible ?

Asked Tuesday, September 26, 2000 by an anonymous user

CPA Answer:

A donation that provides goods or services must have the fair market value of the goods or services deducted from the contribution amount.
The amount of the deduction is limited to the amount that exceeds the benefit.
The charitable deduction is limited to the amount of the donation, less the fair market value of the dinner and is deducted on IRS Schedule A contributions.
CPAdirectory
Answer Provided by: CPAdirectory

Charitable Deductions

Charitable volunteer work - auto expenses

Asked Tuesday, September 26, 2000 by an anonymous user

CPA Answer:

You may deduct the actual travel expenses or a mileage allowance of 14 cents a mile on IRS Schedule A as a non-cash contribution.
CPAdirectory
Answer Provided by: CPAdirectory

Charitable Deductions

Political contributions - deductible?

Asked Tuesday, September 26, 2000 by an anonymous user

CPA Answer:

No. Contributions made to political campaigns, political action committees or lobbying committees are not deductible.
CPAdirectory
Answer Provided by: CPAdirectory

Charitable Deductions

Cancer Society - charitable donation of stock

Asked Tuesday, September 26, 2000 by an anonymous user

CPA Answer:

You are allowed to claim the stocks as a charitable deduction on IRS Schedule A subject to AGI limitations the appreciated fair market value, not the cost.
The securities must be traded on a established securities market.
CPAdirectory
Answer Provided by: CPAdirectory

Charitable Deductions

Sports club expenses - deductible ?

Asked Tuesday, September 26, 2000 by an anonymous user

CPA Answer:

A sport's organization that provides athletic equipment or facilities would not be considered a qualifying organization.
In general, qualifying organizations include, but are not limited to: Religious entities such as churches or synagogues; Charitable organizations such as the Salvation Army, Girl Scouts or Red Cross; Scientific/Educational entities such as hospitals or colleges;
Domestic such as non-profit veterans organizations; or a Fraternal lodge organization. Speak to your local CPA who has an IRS list of approved tax-exempt organizations.
CPAdirectory
Answer Provided by: CPAdirectory

Charitable Deductions

Clothing contributions - How to calculate

Asked Monday, September 11, 2000 by an anonymous user

CPA Answer:

Usually you can use the average (poor, average, perfect condition)fair market value method.
Speak to your local CPA. He/She usually has checklist from a recognized IRS charity such as the Salvation Army with recommended non-cash (clothing) contribution deduction amounts.
When the value of this donation is more than $500, IRS Form 8283 is required to be filled out.
CPAdirectory
Answer Provided by: CPAdirectory

Charitable Deductions

Charitable contributions - Proof of deductions

Asked Monday, September 11, 2000 by an anonymous user

CPA Answer:

For contributions of $250 or less, a cancelled check or credit card statement is sufficient.
For contributions of $250 or more, you must have written substantiation from the organization. A cancelled check is not sufficient.
CPAdirectory
Answer Provided by: CPAdirectory

Charitable Deductions

Car Donation - Form 8283

Asked Friday, August 18, 2000 by an anonymous user

CPA Answer:

If the fair market value of your donation is greater than $500. you must complete Section A of Form 8283 – Non Cash Charitable Contributions.
For non-cash contributions of more than $5,000, an appraisal is required. In that case, you must also fill out Section B of Form 8283.
The IRS is aware that certain organizations are issuing inflated blue book value statements regardless of the condition of the vehicle.
You should consider taking a picture of the vehicle at the date of donation for substantiation of the condition.
You may also consider not claiming the full value that was given to you from the charitable organization. Speak to your local CPA for his or her opinion on the amount of the contribution you should claim.
CPAdirectory
Answer Provided by: CPAdirectory