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Receiving Non-cash Donations

Recently, some have been starting to receive non-cash donations from some very generous people. I thought I would draft out a few things in the forum to help understand what council members will need to accept such donations.

If you think the item will be valued at $499.99 or lower, then you can give them an acknowledgment of the donation and they can claim that amount on their taxes. That is between the donor and the IRS. However, if the item could be $500 or more, the follow steps need to be taken if the donor wants a tax-deduction:

 
  1. Take the item to a 3rd party appraiser, have them determine the value of the item.

  2. The appraiser can fill out IRS Form 8283 based on what they would pay for it.

  3. This will cover the donor for their deduction in case of an IRS Audit. Send Legacy the filled out copy.

  4. Be AWARE. Do not sign anything personally for the item. Things like title to a vehicle, or deeds of real estate could cause taxable events for you personally or null-and-void- to the donation.

  5. Once the title is in the charity's name, we can sell the vehicle and fund the charitable mission.