Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev Thread | Prev | Next | Next Thread
Author: gtstarling Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121219  
Subject: Re: Donations to Non Profit Organizations Date: 11/12/1999 11:21 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
I'm impressed at how many Fools have charitable inclinations!

1. Generally, as long as the organization is a bonified 501(3)(c) organization, a receipt from them giving the date of the gift, the amount (of cash or description of non-cash gifts), and a statement that you did not receive anything of material value in exchange for the gift is sufficient.

2. Non-cash gifts are valued at fair-market value. In the case of a computer, this probably is not much! If the value is more than $5,000 you must have a professional valuation. In this event, there is also a form (I forget the number) you must file. This must also be signed by the charity, simply to state that they did in fact receive that gift. (If they sell it within 2 years, they must file another form stating the sale price. This is sometimes called the "tattle-tale form" - Hmmmmmmm.)

3. If the charity can use the donated item (i.e., your computer) for its charitable purposes, you can claim the full fair market value. If it cannot, you can claim only your tax-basis (cost less depreciation) or the fair market value, which ever is lower. Basically, this means that if they use the computer, you get a better tax treatment than if they put it in rummage sale.

Hope this is of some help to you.

Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev Thread | Prev | Next | Next Thread

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
Pencils of Promise - Back to School Drive
"Pencils of Promise works with communities across the globe to build schools and create programs that provide education opportunities for children."
Managing Your Wealth
Our own TMFHockeypop from Rule Your Retirement fame on the TV show Managing Your Wealth.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement