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White Elephant 2016

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  • White Elephant 2016

    This is the spot to discuss the WE Sale.

    Kelley
    If you can afford the car, you can afford the manual...

  • #2
    Does anyone know how to get tax credit for contributed items?

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    • #3
      Best bet is to consult your tax attorney. Now that the disclaimer is out of the way...

      As long as you itemize deductions on your income tax return, you should be able to declare this as a charitable donation to the club, as SAMOA is a qualified 501(c)3 tax-exempt non-profit organization.
      My understanding is that as the person donating the goods, you are responsible for the valuation of the goods that you donated. That makes sense to me because you are the one who could have to defend it to the IRS if it were questioned.
      There is a place on the tax forms for you to list/itemize/value your charitable donations, although I am not sure what form it is.
      Many 501(c)3 non-profits have a standard donation receipt that they hand out to donors, however I'm not aware that SAMOA has ever created or used one. Noreen was working on creating one that we could use for whomever requests a receipt in the future. Not sure when that would be ready. It would probably need to be "approved" by the club officers.
      Jerry C
      "You drive...I think there's something wrong with me"

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      • #4
        Jerry, you are correct. As a CPA that specializes on working with 501c3s and c6s I see this question a lot. The club is required to give a receipt for donations over $250, but many will do it for items less than that. A best practice is to give a receipt to the donor for inkind donations acknowledging the receipt of the item, but leaving it to the donor to value. The donor needs for their records the date, items donated, condition, and estimated fair value to claim it on the tax return. Also, donated services cannot be claimed.
        Mitch & Teri
        Frankenvan--1961 Australian Van
        Mini Cabriolet

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        • #5
          I will send out the form you can use tonight. As Mitch noted, it is up to you to list fair market value on an in-kind donation.

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          • #6
            Thanks

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            • #7
              Noreen, email sent

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