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Question on donations. I buy and rebuild old bikes (and

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Question on donations....

Question on donations. I buy and rebuild old bikes (and sometimes new ones), and donate them to Vietnam Veterans of America. Max limit on donations is $250 a day, but if I donate a bike worth more than that (using Bike Bluebook's Value Guide), can I declare the Blue Book value?

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

Only that the assessment of the bike's condition is done by me, as an experienced biker/builder.

Submitted: 3 months ago.Category: Tax
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Answered in 8 minutes by:
3/7/2018
Tax Professional: Carter McBride, Certified Public Accountant (CPA) replied 3 months ago
Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,209
Experience: Adjunct Professor
Verified

Hey! I'm Carter, I'm a CPA and can help you out.

There is no max contribution per day limit. You can donate these bikes and take the deduction.

You do need a contemporaneous written acknowledgement of the donation from the organization. If you donate more than $5,000 worth of bikes, then all the bikes will need to be appraised.

Let me know if you need anything else. If not, please leave a rating. Thanks!

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Tax Professional: Carter McBride, Certified Public Accountant (CPA) replied 3 months ago

Hey! Just wanted to follow up to see if you needed anything else. If not, please leave a rating so I can get credit for helping you out. Thanks!

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