Donate and Deduct?
Wed Feb 26, 2014 08:07 AM
I'm curious, can you donate remanufactured cartridges to a non-profit school and use it as a tax deduction?
My issue is, I can't get on the vendor list for my local ISD (I'm to small to win any bids) so I can't sell to them, but they really need to save money and this is a great way for it.
So I am wondering if I can donate them and get a tax deduction. If so, how much could I deduct? 50% of retail value? More? The problem I see is the IRS says one of the things you can't deduct is value of your time or services. I have to spend time to reman the cartridge and technically that is figured into your sell price.
Has anyone here (in the U.S.) done this before and can you give me a little guidance here?