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Donations can be the way to go

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Old 05-21-2006, 09:12 PM
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Arrow Donations can be the way to go

This charity is run by a group of businessmen who volunteer their services and process donations with little or no costs.

Most items are put into use by needy families so the donors get a "fair market value" receipt for tax purposes.

Some charities sell the item donated and then the donor gets an "actual sale receipt" which is usually much lower.

That can mean the difference between a $500.00 deduction vs. a $5,000.00 deduction..as many items that this charity receives are "improved" and the donor benefits.

Thought it might me helpful posting this as I have donated to them and was treated very well. The board of directors are all "solid".

The Charity is:

www.IFTCharity.org
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Old 05-21-2006, 10:14 PM
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Default Re: Donations can be the way to go

Looks a little greasy to me
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Old 05-21-2006, 10:31 PM
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Default Re: Donations can be the way to go

does mobil one make grease
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Old 05-22-2006, 07:28 AM
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Default Re: Donations can be the way to go

I thought the laws changed a couple of years ago reguarding this stuff,making not as atractive for the average person. I know Jeffrey (OSO founder) used to be involved in a charity like this. I haven't heard anything lately about it.
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Old 05-22-2006, 09:03 AM
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Default Re: Donations can be the way to go

Starting next year, the Internal Revenue Service will allow donors to deduct only the amount the charity receives for the sale of the vehicle if the price is more than $500. Donors still will be able to claim fair market value for clunkers valued at less than $500.

Still a good deal if its not worth anything ..
Always remember one thing ..GOD does not need your money
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Old 05-22-2006, 11:24 AM
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Arrow Re: Donations can be the way to go

Quote:
Originally Posted by Pantera1
Starting next year, the Internal Revenue Service will allow donors to deduct only the amount the charity receives for the sale of the vehicle if the price is more than $500. Donors still will be able to claim fair market value for clunkers valued at less than $500.

Still a good deal if its not worth anything ..
Always remember one thing ..GOD does not need your money

A tax attorney told me that:

-If the charity commissions the donation such as a car into service for their use to implement programs or donates it to a needy family for transportation to work for example...then fair market value is the receipt you will be given. Also, if the vehicle is "improved" and sold with proceeds going all to a 501c3 charity... you get a "fair market value receipt".

-If the donor's item is sold then the actual value of the sale is the receipt for tax purposes if it is not improved and just a cash conversion. This is usually much less than fair market value.

-The cheesy charities I am told take anything including "junk" and resale it on a lot or auction and all they care about is cash conversion. They keep a percentage and well you can use your imagination from there.

This charity I mentioned does not take in "junk" ...they do not focus on cash conversion. They will improve a half way decent car or other donation and then find a needy person to use it through social services for transportation to work etc.

Say it was a boat...they will commission it...insure it..and use it for purposes like taking out terminally ill patients or fund raising activities... etc.

All these scenerios give a "fair market value receipt" and they are above boards...I checked with the DA's office.

.

God does not need it...but there are many who could improve their lives with a bit of a jump start.

Last edited by Hydrocruiser; 05-22-2006 at 11:30 AM.
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Old 05-22-2006, 04:02 PM
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Default Re: Donations can be the way to go

The fair market value vs. actual sale price IRS reg already went into effect.

Don't know much about plumbing though.
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Old 05-22-2006, 05:11 PM
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Arrow Re: Donations can be the way to go

Quote:
Originally Posted by fund razor
The fair market value vs. actual sale price IRS reg already went into effect.

Don't know much about plumbing though.

Donating a vehicle of any kind?

Read this..the law changes were actually fair.

http://www.irs.gov/pub/irs-tege/pub4303.pdf

Last edited by Hydrocruiser; 05-22-2006 at 05:30 PM.
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