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charitable donation

martinville6 — Fri, 19 Feb 2021 19:26:07 GMT

My wife and I are "giving" or "loaning" or "donating" our 2nd home to a non-profit organization for a period of 8 months (OCT-MAY) while they do ministry to troubled teens in the wilderness mountains of Colorado. They gave me a letter stating that the value of such a gift was worth $20,000 to them for their operations.

May I deduct that amount on my taxes?

Re: charitable donation

MinhT1 — Fri, 19 Feb 2021 19:43:41 GMT

No, you cannot deduct the value of fair market rent not charged to a charity.

According to the IRS, you would be claiming a deduction for income you didn’t receive. Rather, the advantage to you is that the rent that otherwise would be included in gross income for federal income tax purposes isn’t received and, as a result, not taxed.