What food donations are eligible for tax deductions?

What food donations are eligible for tax deductions?

In the U.S., food donations made to qualified nonprofit organizations can be eligible for tax deductions. This includes perishable items like fruits, vegetables, dairy, and meat, as well as non-perishable items like canned goods and packaged foods.

Are there specific organizations I need to donate to?

Yes, donations must be made to qualified 501(c)(3) organizations to be eligible for tax deductions. You can check the IRS website for a list of eligible organizations.

How do I determine the value of my food donations?

You can determine the value of your food donations by using the fair market value, which is generally the price that the food would sell for in its current condition. The IRS provides guidelines on how to assess this value.

Do I need to keep receipts for my donations?

Yes, it's important to keep receipts or written records of your donations, especially if they exceed $250, as you'll need them for tax purposes.