Friday, March 4, 2011

RE: Franklin Library Blog Posting

A loyal reader provides an update to the posting on the Friends of the Library:

I recently read your blog posting about the Franklin Public Library.  There is a section in the blog posting where you shared that book donations to the public library are not tax deductible.  I would like to direct you to review IRS Publication 526 for clarification.  I also consulted a CPA in the town of Franklin that concurs with this publication that books donated to the Franklin Public library are tax deductible.  Our beloved Franklin Public Library falls under this category and all books donated to the library are tax deductible.  Please share with your readers that all books donated to the library are tax deductible per IRS publication 526 and ask them to support the Franklin Public Library with their book donations.  Please make any corrections to the BLOG entry to avoid confusion with your readers or with other new sources that graciously reprint the postings.

Here is the link to the IRS web page:

Below is what I found from the above IRS website.

Deductible As Charitable Contributions
Money or property you give to:

• Churches, synagogues, temples, mosques, and other religious organizations

• Federal, state, and local governments, if your contribution is solely for public purposes (for example, a gift to reduce the public debt)

• Nonprofit schools and hospitals

• Public parks and recreation facilities

• Salvation Army, Red Cross, CARE, Goodwill Industries, United Way, Boy Scouts, Girl Scouts, Boys and Girls Clubs of America, etc.

• War veterans' groups 
• Charitable organizations listed in Publication 78

• Expenses paid for a student living with you, sponsored by a qualified organization

• Out-of-pocket expenses when you serve a qualified organization as a volunteer
This provides an update to the tax question raised during the Friends meeting on March 2.

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