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My son's legion (VFW associated) baseball team did a silent auction fundraiser to off-set season expenses. We donated a item (I have receipts) can I deduct it?

 
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2 Replies
jtax
Level 10

My son's legion (VFW associated) baseball team did a silent auction fundraiser to off-set season expenses. We donated a item (I have receipts) can I deduct it?

What did you donate? 

 

Generally yes you can deduct the fair-market value of whatever you donated if you have a timely receipt from the charity. (But you can't deduct the value of your own time, for example, because people would inflate the value). You must determine the FMV yourself, that charity can't. FMV is whatever a willing buyer would pay.

 

Do note that for 2019 charitable deductions are itemized deductions. So you need to have more than the standard deduction worth of itemized deductions before it matters. Most people (80%) do not. Itemized deductions include mortgage interest, real estate taxes, state income taxes, medical expenses over 7.5 of adjusted gross income, and a few other things. The standard deduction is about $12k single, $24k married filing joint, with extra amounts for senior citizens. (For 2020 up to $300 of charitable contributions are allowed if you take the standard deduction and don't itemize.) 

 

Also vehicles (and expensive items, > $500, > $5000) have additional requirements. Ask again if that applies.

 

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jtax
Level 10

My son's legion (VFW associated) baseball team did a silent auction fundraiser to off-set season expenses. We donated a item (I have receipts) can I deduct it?

Actually, wait a minute. Did you donate to the VFW or the baseball team. I'm not at all sure the baseball team qualifies. Usually the receipt will tell you if the organization you donated to is a 501(c)(3) charity. That is what you need. You can lookup the charity at the irs website

 

https://www.irs.gov/charities-non-profits/tax-exempt-organization-search

 

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