Because donations to charity of cash or property generally are tax deductible (if you itemize), it only seems logical that the donation of something even more valuable to you — your time — would also be deductible. Unfortunately, that’s not the case. Donations of time or services aren’t deductible. It doesn’t matter if it’s simple administrative work, such as checking in attendees at a fundraising event, or if it’s work requiring significant experience and expertise that would be much more costly to the charity if it had to pay for it, such as skilled carpentry or legal counsel. However, you potentially can deduct out-of-pocket costs associated with your volunteer work. The basic rules As with any charitable donation, for you to be able to deduct your volunteer expenses, the...
23
Jul 2018
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