Discussion:Cash or noncash contribution

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 +{{ForumReplyPost|UserID=Bean|Date=7 March 2008|Text=That's what it is!:-)
 +Any thoughts on my previous comment?...on 10 receipt cards from AmVet claiming $100 each..}}

Revision as of 22:19, 7 March 2008

Discussion Forum Index --> Basic Tax Questions --> Cash or noncash contribution
Discussion Forum Index --> Tax Questions --> Cash or noncash contribution

Bean (talk|edits) said:

7 March 2008
Client spent ~$200 at Target store (has receipt) on toys to donate to Toys For Tots on the same day while they were there. Would this be in cash or noncash contribution category? Cash: that was the amount they agreed to donate; Noncash: toys were picked out and given. ???

Jbscpa (talk|edits) said:

7 March 2008
Noncash

What they gave the charity was toys, not cash.

Taxpayer needs to keep the receipt as documentation of their cost basis.

Taxpayer needs a written receipt from Toys for Tots as documentation of goods donated.

JR1 (talk|edits) said:

March 7, 2008
I have no authority for this, but I'd use cash. To me, it's the same thing. Otherwise, you end up in an argument about how the fmv of the toys could be what you paid...looks wonky.

TheTinCook (talk|edits) said:

7 March 2008
Not sure how wonky it would be. It sounds really easy to defend to me.


You should also make a copy of the receipt because the printing fades after a year.

Bean (talk|edits) said:

7 March 2008
Thanks all. Seems like it should be a simple issue. I first thought of putting in noncash, but cash seems to make sense too. Didn't want to have more than $250 in noncash. Client has at least 10 receipt cards from AmVet during 2007 claiming $100 each for household & clothing items. How much would you all use??

BethAZ (talk|edits) said:

7 March 2008
I vote noncash. How is this different from any other item that is purchased and donated? Target received the cash and isn't a nonprofit.

Bean (talk|edits) said:

7 March 2008
That's weird... I was just typing the last response then I noticed BethAZ's reponse as I clicked save reply.

BethAZ (talk|edits) said:

7 March 2008
That's OK. I'm frazzled these days and the electromagnetic static emanating from my wired out brain is causing funky computer malfunctions throughout the entire Southwest.

JR1 (talk|edits) said:

March 7, 2008
And how's your hair?

Bean (talk|edits) said:

7 March 2008
That's what it is!:-)

Any thoughts on my previous comment?...on 10 receipt cards from AmVet claiming $100 each..

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