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The Chip Board Archive 05

A Note on Tax Deductions and Donations

I think it' s wonderful the donations both of chips and cash to the victims that are happening on the board. However I wanted to point out that when you are receiving something of value in exchange for your donation ( a chip or chips) you can only deduct the amount your donation exceeds the fair retail value of what you receive. You may want to contact your tax advisor on this if you are hoping to deduct your contribution. I'm sure for most of us the tax deduction is not the motivation for our donations, anyway.

Messages In This Thread

A Note on Tax Deductions and Donations
Re: A Note on Tax Deductions and Donations
Reason for donation
I AGREE, BUT
Re: I AGREE, BUT
Re: I WISH THAT WAS THE ONLY
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