Quote:
Originally Posted by jvriezen
Just an FYI:
I spoke with Mark (don't recall last name) at the FIRST eWatt Saver program. I had asked how much bulb purchasers could claim as a tax deduction for charitable donation when buying a bulb at $20.
After he consulted with his legal/finance folks, the answer was $0. This is because the 'fair market value' of the bulb is $20 (based on prices at Lowe's, Home Depot, etc.) I know it sounds weird when they just effectively donated $14 to the team, but also keep in mind that Google with its $3M donation really made that donation (or at least a very large portion of it)
The link above didn't work for me but I had visited it previously and noticed it claimed a tax deduction was possible. I'd hate for some business to buy a few hundred bulbs, claim a tax writeoff and then find out in an IRS audit that they shouldn't have.
John Vriezen
Team 2530 "Inconceivable"
Mentor, Drive coach, Inspector
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Thanks for the information, I will have it corrected.
It should read that the donations count as write-offs, we know the lightbulb sales are not tax deductible.