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Deductions & credits
You don't get to deduct the value of the free dinners you gave to your party. If the FMV meal is $75 (this info must generally come from the charity), then your tax deductible donation is $25 x 8 = $200. You bought dinner for 7 friends at $75 each, that's never tax-deductible.
March 12, 2024
2:40 PM