View From The Rock

Charitable deductions on donations of inventory

• April 19, 2017
• Maria Montie, CPA, MST, CVA, MAFF
• • Business Practices
  • Tax

If you’re a business owner who holds inventory, did you know you can get a charitable deduction if you donate it?

When you donate inventory, you can receive a charitable deduction of the lesser of:

1. Basis plus 50% of the income/gain if sold for FMV; or
2. Twice your basis amount

For more information about how you can help those in need while receiving a tax benefit, contact a ShindelRock tax professional today.