Pro Bono
- Started
- Last post
- 24 Responses
- gramme0
Thinking about this a bit more... I guess it doesn't really hold up, huh.
Pants.
- lukus_W0
Gramme, I see what you mean, but in essence through charity donation you are getting a deduction on the tax you would have paid on the money you earned, should you have decided to keep it.
It seems quite fair that you're not expected to pay tax if you pass the money on through good will.
- But if no money is earned it would be difficult to claim the benefit.lukus_W
- SumWurk0
Pro Bono work can be hazardous to your health.
- whatthefunk0
This is how the Dept. of the Treasury (in US) answers that question -
http://www.treas.gov/education/f…Under current law, volunteers are prohibited from taking a charitable contribution deduction for the value of the services they provided to charities. However, the tax code does support volunteer work for charitable organizations by allowing volunteers to take a charitable contribution deduction for expenses they incur in connection with their volunteer services, but the expenses must be ones the charity would otherwise have to incur, not personal expenses of the volunteer. For example, volunteers may deduct the cost of materials they donate for use in repairs to a church, supplies they use in leading activities at a day care center, or uniforms they wear when serving as nurses' aides. However, volunteers may not deduct personal expenses such as meals eaten during a break in a local service project, transportation to and from a school where they donate their time, or child care expenses.