Taxes and donation instruments?

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Matthew Lau
Posts: 623
Joined: Sat Feb 18, 2012 2:03 am

Taxes and donation instruments?

Post by Matthew Lau »

Dear MIMF,

A while back, I was crazy about ukulele and promised Jake Shimabukuro a ukulele.
Years later, he told me he has two huge rooms of ukes, and asked me to donate it to raise money for local schools.

This idea sorta stuck with me.
I'm thinking if I get a chance, I'd like to build an instrument a year to raise money for my kid's school.

Anyone know if the materials are tax deductible?

-Matt

ps. I know it's a crazy question, but between business taxes, state taxes, fed taxes, childcare, mortgage, and other costs...every penny counts.
Bill Raymond
Posts: 371
Joined: Fri Jan 06, 2012 5:37 pm
Location: Red Bluff California

Re: Taxes and donation instruments?

Post by Bill Raymond »

Yes, they should be. Your labor, of course, is not, nor can you deduct the cost of the tools. I’m a retired Enrolled Agent.
Matthew Lau
Posts: 623
Joined: Sat Feb 18, 2012 2:03 am

Re: Taxes and donation instruments?

Post by Matthew Lau »

Yay!

I may ask my teacher wife to run this past her principal.
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