Venison Tax Deduction

[BizCT]

The receipt says:

"cash donation(s), processing fees (if applicable),and the venison itself ( approx. 45 lbs.) are TAX DEDUCTIBLE".

How do you guys deduct this on your taxes?

Thanks.

[Culvercreek hunt club]

If you itemize use the fair market value and list with your other charitable deductions. Never deducted it but I sure love the thought.

[joe12]

I would say that one deer is worth about $10,000

[BizCT]

So I assume I put the foodbank that the butcher I use, sends the meet to, right? Then how much $ do I put?

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[Culvercreek hunt club]

do a bit of work on speciality butcher shops near you or even online. If you are donating there is specific information needed for who got the contribution. If would be great if you had a reciept with their ID number on it. I get a receipt liek this when I donated things like clothing to the Boy Scouts clothing drive.

[Culvercreek hunt club]

Looks like anywhere from $8 per pound to over 30...lol. .

http://www.elkusa.com/Whitetail_venison.html

[Culvercreek hunt club]

Heck they get $3 per pound for bones...lol

[BizCT]

I have the receipt from the butcher which lists the foodbank where they donate the meat.

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[Culvercreek hunt club]

I have never seen this done but it sure makes sense. Seems like you have the documentation to claim a donation (I am no tax accountant though)

[BizCT]

Yea, trying to figure out how to do it through turbotax.

[joe12]

Yea, trying to figure out how to do it through turbotax.

lol - I can't believe that turbo tax doesn't have a venison donation write-off option.

[BizCT]

I plan to just do $225 ($5/lb.) since anything $250 or more you have to provide additional info.

A donor claiming a deduction of $250 or more is also required to obtain and keep a contemporaneous written acknowledgment for a charitable contribution . To be contemporaneous the written acknowledgment must generally be obtained by the donor no later than the date the donor files the return for the year the contribution is made. The written acknowledgment must state whether the donee provides any goods or services in consideration for the contribution. If the donee provides goods or services to the donor in exchange for the contribution (a quid pro quo contribution), the written acknowledgment must include a good faith estimate of the value of the goods or services. The donee is not required to record or report this information to the IRS on behalf of a donor. The donor is responsible for requesting and obtaining the written acknowledgement from the donee. Although there is no prescribed format for the written acknowledgment, it must provide sufficient information to substantiate the amount of the contribution. For more information, see Publication 1771.

[nyantler]

My processor gives me a reciept for the amount donated based on the weight of the meat donated. I deduct that amount and keep all reciepts on record... of course you can only take the deduction I believe if you itemize your deductions.. doesn't apply if you take the standard deduction.

[BizCT]

I have receipt, which lists the foodbank. Pounds processed is blank. I think 45lb @ $5/lb is fair. $225. I itemize.

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[nyantler]

I have receipt, which lists the foodbank. Pounds processed is blank. I think 45lb @ $5/lb is fair. $225. I itemize.

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I think the IRS needs to see the amout donated if they ever audit... I haven't ever checked but Maybe the Venison Donation website has info on deducting donations.

[BizCT]

I have no reason to be audited, but if I was I would fill in the blank with "45"