NASE Blogs

Charitable Donations of Non-Cash Items

Tuesday, February 16, 2010
Q: I donated a very large amount of items to charitable organizations in my local areas. I have receipts from the charities, showing a value of approximately $9,000 in goods. Are there any limits to the amount of charitable donations I can deduct from my taxes? Can I carry over anything I am not able to deduct? Do I deduct these donations from my business income or personal? I am a self employed sole proprietor.

A. There are limits to the amount that can be deducted in any one year. The limit is based on your adjusted gross income and is 50% of adjusted gross income for most property, including cash, and 30% for other property. Any amount that is above the limits can be carried forward and then deducted in future years.

The deductions will be included on your personal return, Schedule A, Itemized Deductions as opposed to on your business return.

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