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Gifts in kind, also referred to as in-kind donations, is a kind of charitable giving in which, instead of giving money to buy needed goods and services, the goods and services themselves are given. Gifts in kind are distinguished from gifts of cash or stock. Some types of gifts in kind are appropriate, but others are not. [1]
Its declared purpose is "to enhance the quality of life of Purple Heart recipients and other honorably discharged veterans and their families." [2] [3] The organization was established in 1957 as the "Military Order of the Purple Heart Service Foundation" and is governed by an 11-member board of directors.
A contribution to a charitable organization need not be fully a "gift" in the statutory sense of the word to be deductible to the donor. The donor's allowable deduction will be reduced, however, by the amount of the "substantial benefit" conferred upon them as a result of their contribution. [1]
Tax-deductible donations include money or goods you contribute to tax-exempt organizations. Plus, your charitable giving can benefit you if you take a charitable contribution deduction.
A donation is a gift for charity, humanitarian aid, or to benefit a cause. A donation may take various forms, including money, alms, services, or goods such as clothing, toys, food, or vehicles. A donation may satisfy medical needs such as blood or organs for transplant. Charitable donations of goods or services are also called gifts in kind. [1]
The IRS has an official list of organizations that are considered qualified charities in Publication 78, and only donations to those organizations can be deducted on your taxes.
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