Donating Medical Equipment Tax Deduction

Donating your unused medical supplies or lightly used medical equipment through med eq is fast and easy.

Donating medical equipment tax deduction.

If you donate your medical equipment to a charity registered with the internal revenue service as a 501 c 3 non profit corporation you can deduct the donation on your income tax return. That charity is responsible for all costs that might be associated with the transfer of your donation. Charitable donations of goods and money to qualified organizations can be deducted on your income taxes lowering your taxable income deductions for charitable donations generally cannot exceed 60. Your donation is not only used to save lives and improve the quality of life in others it is a tax deduction for you.

The irs defines dme as certain medical equipment that is ordered by a doctor for use in the home. If you are seeking a tax deduction the charity is also responsible for providing you with a receipt. To deduct charitable contributions taxpayers must file form 1040 and itemize deductions. The federal tax code allows individuals and businesses to make noncash contributions to qualifying charities and to claim deductions for these contributions on their tax returns.

If you claim a tax deduction for a noncash contribution worth less than 250 the written acknowledgment from the charity should include its name the date and location of your donation and a. Project c u r e s cargo program delivers semi trailer sized cargo containers carrying medical donations to under resourced hospitals clinics and community health centers in developing countries they also send c u r e. When making your donation be sure to request a receipt from the organization you are donating to. You can t both itemize and use the standard deduction as well.

For 2019 the standard deduction for single filers is 12 200. This is usually only worth your while if your total itemized deductions exceed the standard deduction for your filing status for the year. Many organizations also accept medical equipment such as blood pressure cuffs wheelchairs shower benches stethoscopes and hospital beds. Among the medical expenses that may be deducted are expenses associated with acquiring durable medical equipment dme.

If taxpayers get something in return for their donation they may have to reduce their deduction. File schedule a itemized deductions with a federal tax return. Gifts of donated property clothing and other noncash items have long been an important source of revenue for many charitable organizations and a popular deduction for taxpayers. Your donation of medical supplies can also qualify for tax write off.