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hdr125
New Member

Can i deduct the cost of books purchased and donated Mid Atlantic College

my library contained 1040 books from my Church oif Christ Ministry. Mid Atlantic Christian Colle,Ronoake,Va, has received them for their library in 2016.

1 Reply
rjs
Level 15
Level 15

Can i deduct the cost of books purchased and donated Mid Atlantic College

You can deduct, as a charitable contribution, either the cost of the books or the fair market value at the time that you donated them, whichever is less. Fair market value is what you could sell them for. The fair market value of used books is usually much less than the original cost.

The records that you must have to substantiate the deduction depend on the total amount of the deduction. See the section on Noncash Contributions in IRS Publication 526, which you can read at the following link. Note that if your deduction is over $5,000 you will need a professional appraisal.

https://www.irs.gov/publications/p526/ar02.html#en_US_2015_publink1000229839

Charitable contributions are an itemized deduction. The deduction will not give you any tax benefit unless your total itemized deductions are more than your standard deduction.

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