Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Donations and other Charity topics.
You may donate virtually anything (from clothes to books to vehicles to furniture) and receive a tax donation up to the fair market value of the item, if the item will be used to advance the mission of the receiving organization. If the asset is not related to the charity's mission, the deduction is limited to the amount for which the charity is able to sell the item.
*For more information on donating vehicles, which had specific rules governing deductibility laid out by the IRS in 2005, please see http://cardonation.lifetips.com.
|Sheri Ann Richerson|