Bargain Sale Donation to Wind Beneath My Wings

Deductible Property Donations to Wind Beneath My Wings

Would you like to help worthy charities and receive a tax donation?

You may donate property to WBW and we will either find a Non Profit Organization endorsed by WBW or the property will be sold and the proceeds donated to such an organization. You may request to which WBW endorsed Non Profit Organization that you would like such proceeds to be donated.

You are responsible for finding an appraiser to determine the worth of your contribution of property, if you believe that it worth more than $500.   WBW is not allowed to appraise such donations.

What is a Bargain Sale Donation?  If your property exceeds $10,000 in value you may be eligible to receive part of the value back to you in cash.  See "Bargain Sale Donation"

WBW accepts the following types of donations:  Automobiles, Art work, real estate, boats, real estate, antiques, music and book royalties, musical instruments and jewelry.

WBW can provide you with the forms and bulletins required for the following IRS regulations regarding donations

The Law:  The IRS allows deductions for charitable donations based upon current tax law

Charitable contributions are deductible only if you itemize deductions on Form 1040, Schedule A (PDF).

To be deductible, charitable contributions must be made to qualified organizations. See Publication 526, Charitable Contributions.

If your contribution entitles you to merchandise, goods, or services, including admission to a charity ball, banquet, theatrical performance, or sporting event, you can deduct only the amount that exceeds the fair market value of the benefit received. For a contribution of cash, check, or other monetary gift (regardless of amount), you must maintain as a record of the contribution either a bank record or a written communication from the donee organization containing the date and amount of the contribution and the name of the donee. You generally can deduct the fair market value of any property you donate, as well as your cash contributions, to qualified organizations. See Publication 561, Determining the Value of Donated Property.

For any contribution of $250 or more (including contributions of cash or property), you must obtain and keep in your records a contemporaneous written acknowledgment from the donee organization indicating the amount of the cash and a description of any property contributed, and whether the donee organization provided any goods or services in exchange for the gift. One document from the donee organization may satisfy both the written communication requirement for monetary gifts and the contemporaneous written acknowledgement requirement for all contributions of $250 or more.

You must fill out Form 8283 (PDF) Section A, if your total deduction for all noncash contributions is more than $500. An appraisal generally must be obtained if you claim a deduction for a contribution of noncash property worth more than $5,000. In that case, you must also fill out Form 8283 Section B. Attach Form 8283 to your return.

For more information refer to Publication 526, Charitable Contributions, and for information on determining value, refer to Publication 561, Determining the Value of Donated Property