With the city still rebuilding, I decided to volunteer with Habitat for Humanity. As my Facebook friends can attest, I've been spending quite a bit a time playing "Barb the Builder" so I was happy to learn that there is another way to give back besides swinging a hammer. It's called Habitat ReStore and I'll share more about that in my next post.
So how does this work for A Frugal Girl? Evidently, Uncle Sam will allow you to write off certain aspects of volunteering as a charitable deduction. As a landlord, I am always interested in deductions to my bottom line. I won't know until next year the affects of this adventure (good or bad) but until then here are somethings to consider:
- The IRS has very strict guidelines regarding volunteer deductions. I referenced to IRS publication 529 Charitable Donations at IRS.gov
- You should have detailed records of your trip (i.e. receipts and information from the volunteer organization.)
- Consult a professional to make sure this benefits your situation!