Cross Vermont Trail Association, Inc. (CVTA) is a qualified charitable organization 501(c)(3)
We are listed in IRS Publication 78 - "Cumulative List of Organizations described in Section 170(c) of the Internal Revenue Code of 1986 eligible to receive tax-deductible charitable contributions."
Contributions to charitable organizations can be deducted on your federal tax return if you itemize on IRS Form 1040, Schedule A.
The full amount of cash donations to CVTA are tax deductible. (Which is to say, since we do not provide any goods or services in exchange for your contribution, the entire amount is a donation.)
You will need to save a copy of your canceled check or credit card statement as proof of the donation for the IRS. CVTA can also provide you a written receipt if you like.
If you donate more than $250 CVTA will automatically provide you a receipt suitable for attaching to your tax return documenting: Acknowledged donation made to Cross Vermont Trail Association, Inc.; Date of donation, Amount of cash contribution; Statement that no goods or services were provided by CVTA to the donor in exchange for the donation (beyond membership and promotional items of token value.)
The fair market value of donated property may also be deducted from income taxes.
Who determines the fair market value of your donation? You do, using guidelines in IRS Publication 561. Most donations can be be valued in a common sense manner by a lay person (though amounts greater than $5,000 may need professional appraisal). Donations of business inventory can be valued based on the accounting method used by the business.
For non-cash donations of any size, CVTA will provide a receipt suitable for attaching to your tax return documenting: Acknowledged donation made to Cross Vermont Trail Association, inc.; Date and location of donation; Description of donated property (but not the value); Statement that no goods or services were provided by CVTA to the donor in exchange for the donation (beyond membership and promotional items of token value.)
Depending on the value of the donation, CVTA will also provide other forms required by IRS (such as Form 8283, Section B, Part IV; required for amounts over $5,000.)
Sell an item to CVTA for less than the fair market value. The amount of profit that you give up can be deducted as a donation.
You can deduct some out-of-pocket expenses for money you spend in order to volunteer. For example, the cost of gas to drive to the volunteer work site. However, you cannot deduct the value of your time or services.