Quote:
Originally Posted by Seafood Guy I was told by some other business owners that you first had to ?donate? the gift cards to your business, before you used them, and I had no idea how to do that. Any idea how to do that? |
as yu can see,
your gift cards are the equivalent of cash therefore you need to list this as a cash donation. Note ;Contributions of $250 or More:
You can claim a deduction for a contribution of $250 or more only if you have an acknowledgment of your contribution from the qualified organization or certain payroll deduction records.
also once you made more than one contribution of $250 or more, you must have either a separate acknowledgment for each or one acknowledgment that lists each contribution and the date of each contribution and shows your total contributions.