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Ask an Accountant: Deductions from Stockpile Donations

by Dana Zeliff on July 31, 20112011-07-31
in Worth Reading

Disclosure: This post may contain an affiliate link.


Thanks to Mom on Dealz for sharing her series, Ask an Accountant!  Sharon is married to an experienced accountant.  Although tax season is over, tax questions arise year round.

Question:

I donate from my stockplile quite frequently. When claiming these deductions, do I deduct what I paid out of pocket or what the items would normally cost without coupons/sales?

Answer
:
There are 2 schools of thinking for this question. One side says you do not get to deduct something you have not paid for (assuming the item is free after coupons). The other side is that you still get to deduct fair market value. Generally speaking, I agree you deduct fair market value. For example, on average, diapers are priced around $10. If you buy a pack of diapers but there is a sale, you have coupons, and you have store rewards (such as register rewards, etc) so your final price is less than $10, you can still deduct $10 since the value of the diapers did not change, despite how much you paid out of pocket.

*Please keep in mind this post is for informational purposes only and answers given are very general. Many things depend on individual circumstances. Please contact your personal accountant or financial advisor for your particular situation
.

photo credit: austinpost.org

Filed Under: Worth Reading Tagged With: Ask an Accountant

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Hi! I'm Dana, the writer behind the scenes of The Coupon Challenge, a Hampton Roads, VA based coupon blog. I'm a wife and mother of 2. After getting out of debt we started using our savings to travel together as a family and create memories.

Are you looking for ways to save your family money? I strive to help you save on the products you need, so you can spend more on the things you want. Read More about Dana & Family

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