Along with financial contributions to charities, you can also donate
items like used equipment and devices, and take a tax write-off. One of the
ways to reduce the amount of income tax you owe is to give
items of value to charitable nonprofits, take a deduction, and
save on taxes or increase your refund. Get rid of that old equipment
you have lying around taking up space and turn them into cash.
We work with charities (non-profits) issue a charitable receipt claiming
receipt of your item(s) but it's up to you to place a value
on the item. It is the donor's responsibility to support the value claimed.
You may already have the item(s) "on the books", and valued. You may prepare a letter with the
inventory and the value of your claim.
We advise you to consult your tax adviser (CPA, Enrolled
Agent, etc.) to make sure you are doing the right thing for
your tax circumstances and valuing the item in accordance with
the law.
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