I designed and maintain www.BooBenefit.org. It contains information for a motorcycle rally that generates money for a children’s burn camp. I pay for the hosting of the site and do all of the work associated with it. I spend many hours working on the site.
I know that I can consider the money I spent to pay for the hosting as a donation, but am I able to use any of the time that I worked on the site as a charitable donation? Can only direct monetary donations be deducted?
No deduction for time.
Per IRS rules, your time has no value.
February 1st, 2010 at 12:20 pm
No deduction for time.
Per IRS rules, your time has no value.
References :
February 1st, 2010 at 1:08 pm
You can only deduct actual out or pocket expenses, not the value of your time. IRS regs are very clear on that.
References :