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? 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. Where? Where else? At TaxMama.com
- Ask TaxMama :: Where taxes are fun and answers are free
- IRS Publication 526 :: Charitable Contributions