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Can I deduct charitable donations of medicines
When my Mother died, she had a lot of unused prescription medications. May i deduct the value of these medications which were donated to a charity for overseas patients?
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Can I deduct charitable donations of medicines
Unused prescription medications have no market value as you cannot sell them and no one would buy them.
The IRS only allows you to deduct the fair market value of donations in kind. Therefore you cannot claim this donation.
The IRS says:
Fair market value (FMV) is the price that property would sell for on the open market . It is the price that would be agreed on between a willing buyer and a willing seller, with neither being required to act, and both having reasonable knowledge of the relevant facts.
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Can I deduct charitable donations of medicines
Unused prescription medications have no market value as you cannot sell them and no one would buy them.
The IRS only allows you to deduct the fair market value of donations in kind. Therefore you cannot claim this donation.
The IRS says:
Fair market value (FMV) is the price that property would sell for on the open market . It is the price that would be agreed on between a willing buyer and a willing seller, with neither being required to act, and both having reasonable knowledge of the relevant facts.
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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