10-07-2010, 12:51 PM
[quote dubob][size 4][font "Comic Sans MS"][#800000] Do you by any chance know what the statutory limit is for gift donations?[/#800000][/font][/size] [/quote]
The annual exclusion for an individual is $13,000. Gifts made by businesses are technically limited to $25 deduction per recipient. In other words, a business could give eight fishing poles valued at $25 each to eight vets and receive a full $200 deduction. As far as the donee (vets), I can't imagine any agency questioning the taxability of what they received since it would be considered "de minimis" and most are in a low tax bracket.........if they even have to pay taxes at all!
I feel if you clearly state that you are NOT a qualified charity to a potential donor and, possibly, add "seek the advice of a qualified tax professional regarding the deductible of any gift/donation/contribution you make for said event" you then place the tax ramifications on the donor. Of course, you don’t want to misrepresent the event but you don’t want to deter people from helping!
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The annual exclusion for an individual is $13,000. Gifts made by businesses are technically limited to $25 deduction per recipient. In other words, a business could give eight fishing poles valued at $25 each to eight vets and receive a full $200 deduction. As far as the donee (vets), I can't imagine any agency questioning the taxability of what they received since it would be considered "de minimis" and most are in a low tax bracket.........if they even have to pay taxes at all!
I feel if you clearly state that you are NOT a qualified charity to a potential donor and, possibly, add "seek the advice of a qualified tax professional regarding the deductible of any gift/donation/contribution you make for said event" you then place the tax ramifications on the donor. Of course, you don’t want to misrepresent the event but you don’t want to deter people from helping!
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