debatable values regarding tax write-offs?
As I understand it most items can be written off your taxes base on market value, such as Kelley Blue Book listings for cars donated to charity. Or written off based on the amount of cash the charity gets when they auction/sell the item you donate.
How does this valuing system work for things that cannot easily be assigned a value? Therapy dogs come to mind. If I raise dogs (I don't) and they are used in therapy akin to a mental health treatment plan then they would, at least on the surface, be worth as much as a degree in psychology. Though I doubt the IRS would let somebody claim that amount.
Or time. If you teach Boy Scouts to play baseball do you write this off based on your usual earnings per hour, or what the value is perceived at? If you played minor league ball you could probably claim a higher rate than an average American.
1. For cars, and only for cars, if the charity sells it, then you write off the amount for which the charity sells it. You do not do this for any other type of donation. This is only for cars that the charity sells.
2. For any property (physical object) that is not a car, you write off its value. For a dog, that means that amount for which dogs are bought and sold, which is practically nothing for mutts and common breeds, but may be high for a few breeds. You do not write off the value of the therapy or the cost of paying a human to provide the therapy. You find out what a dog costs, and that it the amount of your write-off.
3. For a car that the charity uses and does not sell, you write off its value (Keely Blue Book or whatever).
4. If you teach Boy Scouts to play baseball, you can only write-off your out of pocket expenses, such as gas or the baseballs. You cannot claim any rate for your time. You are specifically prohibited from claiming anything, even one penny, for the value of your time or your blood. You are allowed a write off only for things that are your property, and are not a part of you. You are not allowed to write off time given to charity, blood given to a blood bank, or anything else that comes from your body.
