Tax deductible?

This topic has 6 replies, 4 voices, and was last updated 9 years, 11 months ago by Anonymous.

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May 20, 2014 at 12:14 am #185660

Anonymous
Inactive

Is a donation tax deductible if you get something in return?

For example if you enroll in a membership program where you pay $25 /month for a year and get a T-shirt? So you pay $300 and get a $20 T-shirt?

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May 20, 2014 at 2:58 am #554497

JMOR
Member

It is deductible as long as you itemize, but you have to reduce the donation by the amount of any gifts received.

REG - 86
FAR - 74,
BEC - 72,
AUD -73,

May 20, 2014 at 2:58 am #554498

JMOR
Member

It is deductible as long as you itemize, but you have to reduce the donation by the amount of any gifts received.

REG - 86
FAR - 74,
BEC - 72,
AUD -73,

May 20, 2014 at 3:06 am #554499

Anonymous
Inactive

Yes reduce the donation by the *FMV* of any gifts received.

May 20, 2014 at 3:06 am #554500

Anonymous
Inactive

Yes reduce the donation by the *FMV* of any gifts received.

May 20, 2014 at 1:10 pm #554501

Anonymous
Inactive

As JMOR said, you have to itemize. For me, I've yet to beat the standard deduction. However, if the membership program were a legitimate business expense, you could include it on your schedule C.

May 20, 2014 at 1:10 pm #554502

Anonymous
Inactive

As JMOR said, you have to itemize. For me, I've yet to beat the standard deduction. However, if the membership program were a legitimate business expense, you could include it on your schedule C.
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