I have the viewpoint that if an entity is NOT tax exempt (501c3), donations are treated as income by the non-profit and the donor can not deduct the value on their tax return.  When donations are sold, then the question is was it sold for market value, below or above?  A non profit can have taxable income if they do indeed have a real profit.  Even those who have tax exempt status can be taxed for UBIT(Unrelated Business Income Tax), if they sell things that are "unrelated" to their mission.  Angelo


On Thursday, October 10, 2013 3:47 PM, Matthew VanSlyke <vanslyke.matthew@gmail.com> wrote:
Seems that the lesson learned here is....ask a pro when it comes to taxes.
Thanks All.
-Matt


On Thu, Oct 10, 2013 at 3:38 PM, Lesa Franz <gadget_teer@yahoo.com> wrote:
they need to talk with there tax accountant

Lesa Franz
Coatesville Community Bike Works

Sent from my iPad

On Oct 10, 2013, at 3:25 PM, Steven Bradley <stevencbradley@gmail.com> wrote:

I'm not a CPA, Matt, but I'm pretty certain they can take actual value for their donations. Suggest an appraisal or other 3rd party valuation, though. 

Sent from my iPhone

On Oct 10, 2013, at 8:55 AM, Matt VanSlyke <matt@uticabikerescue.org> wrote:

ThinkTank,
I have been trying to research this and I'm not really finding a complete answer. Perhaps some of you have personal experience/knowledge that can help. There is a bike shop in my City that has a stockpile of used bikes in a warehouse and they've expressed some interest in donating them to our community bike shop. Does anyone know specifically what the tax advantages are for the business that donates? I know how it works for individuals but I don't know how it works for a business. 

Does anyone have epxerience with this?

Thanks,
Matt 

--
Matt VanSlyke
Utica Bike Rescue
714 Washington Street, Utica, NY 13502
Learn. Earn. Ride.
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