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Charitable deductions on donations of inventory

[1]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 receivingĀ a tax benefit, contact a ShindelRock tax professional [2] today.