The miserable Revenue in Ireland, where I tax reside, used to have the
same but they restrict in now
On 24/11/2019 18:58, Art Chimes wrote:
In the US at least, many donations of stuff — other than money — to
charities is tax-deductible.
___
On 2019-11-24 14:16, Wm via gnucash-user wrote:
> Heh, don't know if you've been contributing a lot Kevin but you are way
> ahead of Art in working this out. The answer is, of course, that this
> is a local and national tax issue rather than an accounting issue.
No, I don't think "instead of" is
Art, Kevin
Any donation to charity would be recorded if it is tax deductible against an
expense account on one end of the transaction and against an asset or
liability account on the other. If you use an income account then your
expense is offset against that specific income and you get no nett
On 24/11/2019 18:26, Kevin Reid wrote:
On Sun, Nov 24, 2019 at 10:14 AM Art Chimes wrote:
I have an expense account called "charity:non-cash contributions" where I
record these (potentally tax-deductible) donations, but I don't know how
best to record the other side of the transaction.
…
On 2019-11-24 12:58, Art Chimes wrote:
> In the US at least, many donations of stuff — other than money — to
> charities is tax-deductible. ...> My question is, how best to record these in
> Gnucash.
>
> I have an expense account called "charity:non-cash contributions"
> where I record these
If I understand it correctly, such donations are direct reductions of taxable
income, thus I’d set up a contra-income account for the other half of the
transaction.
But by all means, speak to a local CPA about how best to handle this.
Regards,
Adrien
> On Nov 24, 2019 w48d328, at 11:58 AM,
On Sun, Nov 24, 2019 at 10:14 AM Art Chimes wrote:
> I have an expense account called "charity:non-cash contributions" where I
> record these (potentally tax-deductible) donations, but I don't know how
> best to record the other side of the transaction.
>
…
Note: I do not want to be tracking
In the US at least, many donations of stuff — other than money — to
charities is tax-deductible. This includes furniture to the Salvation Army,
canned goods to a food pantry, books to your public library's annual sale,
plumbing supplies to Habitat for Humanity, etc.
There are various limitations,
