I would like to share with you how I handled this latest stock adjustment. A Local NON Profit group Outdoors with Friends for handicap and disadvantaged removed literally a TON+ of fish for me this last weekend. It was very rewarding to see these people have such a good time. All the fish went towards food and I will be receiving a nice Tax deduction for that also.
What Kind of Charitable Contributions Can I Deduct?
A deductible charitable contribution is a donation or gift made to a qualified organization. The donation must be made voluntarily and with no expectation of any substantial reward or benefit. You may generally contribute cash or property including food, clothing, household items, and vehicles.
Ahh...'qualified organization' is the key...so you just calc the approximate poundage of fish removed and subtract 40% for the inedibles, and there's your donation of food? Then use the going rate per pound of fish in the store?
Dale
"When tempted to fight fire with fire, remember that the Fire Department usually uses water." - anonymous
That is one fantastic thing to do! The smiles on those faces are priceless!....... Gonna be hard to calculate the value of this kind of donation.
I had a big smile on my face seeing all those smiles.
The event coordinators worked with me to make sure we had a fair and accurate count.
Originally Posted By: dlowrance
Ahh...'qualified organization' is the key...so you just calc the approximate poundage of fish removed and subtract 40% for the inedibles, and there's your donation of food? Then use the going rate per pound of fish in the store?
Yes make sure it is a qualified organization. In my case I have a weight to multiply times the going rate on the day of the event. One of the event helpers owned a seafood facility and that helped get a FAIR MARKET VALUE.
Thanks, my true reward was just being allowed to host such an event. I originally contacted them to do this as a way to remove some fish. Now, I am considering doing this annually and building them a Pavilion to use instead of tents. Local companies provided everything for this event from food to insurance. There was enough hamburgers and hotdogs to feed a few hundred with drinks, chips and cookies. The local churches provided the people to assist with helping from cooking to cleaning up after. I even have had people offering to restock fish and buy fish feed.