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Todd in NY

How Do I Donate A Fishing Trip To A 501c3 Organization?

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How Do I Donate A Fishing Trip To A 501c3 Organization?

I good friend of mine is part of a nonprofit organization for military service members and veterans. He has asked me to donate a fishing trip for disabled veterans, to take them salmon fishing on Lake Ontario. I'm not a charter captain, and I don't have any plans to become a charter captain. However, I would love to help out some fellow veterans by taking them fishing as a "pro staffer" for this organization. The organization is oathinc dot org. My friend said that all I need for the 501c3 form is to come up with a dollar amount for the fishing trip as a tax write-off. There is no requirement by oathinc to be a licensed charter captain or charter boat to donate a fishing trip.

 

One questions is, how much money value do I "donate" on the 501c3? I'm thinking in the $100 range to pay for gas in my boat and truck, since I tow my boat to different launches. But $100 doesn't cover the wear and tear on my equipment, and what is a reasonable and lawfully acceptable amount to claim on the tax form? Would I have to turn in receipts when I file my taxes? I wouldn't think about writing off the full cost of a charter boat price because I'm not a charter captain or a licensed charter boat.

 

If you have any information or knowledge on this subject I would love to hear your thoughts and opinions.

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I have to add that there is NO money changing hands. The organization doesn't pay for the trip, the veterans who go fishing also don't pay for the trip.

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Pretty sure for taxes unless it is over $500 you can't claim it.  Total donations need to be over that amount. I mean if you donate a bunch of them it will add up.  I could be totally off base but when i donated a crappy car it did not change my tax return. 

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They have calculations for mileage /gas rates that you should use. It may be on the website or you can call and talk to someone. I know for us at LOC when we donate derby passes we are not able to write anything off because they do not recognize an event pass as having any value so we are unable to claim anything for tax purposes. Any donation we make is just a donation and we do not get any tax credit for it. The laws are sometimes complex so it would be a good idea to just call and speak to someone to make sure you file it correctly. Good luck!


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Thanks for the replies! I'll research all of this with someone who knows the tax laws for NY.

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3 hours ago, spoonfed-1 said:

Check your insurance coverage.

 

Good idea.

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When I donated a trip to a 501c3 in the past I was instructed to maintain a list of expenses incurred for the service. (Gas for driving the clients to the river, lunch, cost of tackle), but at the time I was not able to put a value on the cost of my labor for the trip. This might have changed since the early 2000, but it is a very easy call to a tax advisor or your accountant. Also be sure to get the respose from him/her in writing so there is no questions if an audit comes up you have a date and a letter for evidence as well. That will cover both you and the accountant.

 

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I did one for the wounded warrior event in Ohio, was a 3 day event and I couldn't write anything of on my taxes , but that's in Michigan Maybe different in other states. 

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My friend said to come up with a dollar amount for the organization's tax form, but tax write-off's are much more complicated than simply picking a random dollar amount or value to claim. I'll contact several different tax centers, and maybe even the IRS office in Albany, and go a step further and ask for reference material so I can see it (the tax law) in writing.

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