Tax deductible donations.
Cross Vermont Trail Association, Inc. (CVTA) is a qualified charitable organization 501(c)(3)
We are listed by the IRS as eligible to receive tax-deductible charitable contributions.
Contributions to charitable organizations can be deducted on your tax return.
Cash donations:
The full amount of cash donations to CVTA are tax deductible. (Which is to say, since we do not provide any goods or services in exchange for your contribution, the entire amount is a donation.)
You will need to save a copy of your canceled check or credit card statement as proof of the donation for the IRS. CVTA can also provide you a written receipt if you like.
If you donate $250 or more CVTA will automatically provide you a receipt suitable for attaching to your tax return documenting: Acknowledged donation made to Cross Vermont Trail Association, Inc.; Date of donation, Amount of cash contribution; Statement that no goods or services were provided by CVTA to the donor in exchange for the donation (beyond membership and promotional items of token value.)
Non-Cash donations of property:
The fair market value of donated property may also be deducted from income taxes.
Who determines the fair market value of your donation? You do, using guidelines provided by IRS. Often smaller donations can be be valued in a common sense manner by a lay person (though larger amounts may need professional appraisal). Donations of business inventory can be valued based on the accounting method used by the business.
For non-cash donations of any size, CVTA will provide a receipt suitable for attaching to your tax return documenting: Acknowledged donation made to Cross Vermont Trail Association, inc.; Date and location of donation; Description of donated property (but not the value); Statement that no goods or services were provided by CVTA to the donor in exchange for the donation (beyond membership and promotional items of token value.)
Depending on the value of the donation, CVTA will also provide other forms required by IRS.
Bargain Sale:
Sell an item to CVTA for less than the fair market value. The amount of profit that you give up may be deductable as a donation.
Donation of volunteer time:
You may be able to deduct some out-of-pocket expenses for money you spend in order to volunteer. For example, the cost of gas to drive to the volunteer work site. However, you cannot deduct the value of your time or services.
IRS and States have authoritative information
Of course, to get get confirmed and current information about tax deductions, go to the IRS or to your state tax department. At the IRS website search for "charities and nonprofits" to get started. In Vermont, charitable contributions are also tax deductable to an extent, and the Vt Department of Taxes has full information on the details.