Question
Mike and Jane's charitable contributions are listed below. Which of the contributions are tax-deductible? How will these be reported on Schedule A for the 2019
Mike and Jane's charitable contributions are listed below. Which of the contributions are tax-deductible? How will these be reported on Schedule A for the 2019 tax year?
Mike attended the Rocky Mountain Elk Foundation banquette this year. He purchased two tickets for $100 which entitled him to two meals and 20 raffle tickets. He bid $20,000 for a guided elk hunt in Colorado and won it. The fair market value of the hunt is $2,000. The amount paid in excess of the value of the hunt was paid to the Utah Department of Natural Resources.
This year the Cools contributed $10,000 to their local church. They donated clothing and household articles to their local Deseret Industries on June 5th. All items were in excellent condition. They estimated the items cost them around $8,000 and are worth $800 using thrift store values. They also gave $500 to a family down the street that seemed to be financially struggling. Jane gave $10 a week to a homeless man sees see outside the grocery store. Through a qualified IRS charitable organization Mike and Jane participated in a trip to Peru to help build a school house. The value of their services rendered was $3,000. Round trip airfare to Peru and back was $800 each. The paid $80 a night for lodging for 6 nights in Peru while building the school. They also incurred $300 in food expense during the week. Before leaving Peru they were persuaded to donate $3,000 to the local school district in Lima, Peru.
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