Today TaxMama hears from Larry from North Carolina says, “I donated blood to the Red Cross 6 times this year.
I know I can’t deduct the value of my time but can I deduct the value of the blood?
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Red Cross sells my blood for $85-$250/unit.”
Dear Larry , What an interesting idea.
I don’t know.
And frankly, your blood’s value is priceless.
What a kind man you are.
Aw shucks, IRS’s Publication 526, which discusses charitable contributions has already anticipated your question:
Under things you cannot deduct, IRS includes
You cannot deduct the value of your time or services, including:
Blood donations to the Red Cross or to blood banks,
But, remember, you’ll find answers about lots of information about donations and other tax issues, free.
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Where? Where else? At TaxMama.com
- Ask TaxMama :: Where taxes are fun and answers are free
- IRS Publication 526 :: Charitable Contributions