Today TaxMama hears from Brian in Georgia with an interesting proposition. “We have a second home (cabin) where our family hangs out from time to time but it is not on a rental program of any kind. If I were to donate a week or two to a charity for fundraising, could I write off those weeks as charitable contributions?”
What a terrific and generous idea!
And whoever gets to use it will really enjoy this donation.
What do you get as a charitable contribution?
Not a thing.
It’s kind of the same concept as donating your time. You can donate 30 hours a week of your very valuable time – time for which others might pay $100 per hour, even more. Your deduction for donating that valuable time would be – nothing.
IRS Publication 526 – Charitable Contributions http://www.irs.gov/publications/p526/index.html
But you will get a lot of personal satisfaction…and a bit of damage to the property if people are careless or thoughtless. Most won’t be.
And remember, you can find answers to all kinds of questions about donations and other tax issues, free. Where? Where else? At TaxMama.com[Note: If you were subscribed to the e-mailed TaxQuips, you’d be getting other exciting news and tips by e-mail, that never appear on the site. Please click on the subscribe link and join us.]
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- IRS Publication 526 :: Charitable Contributions