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Are all donations to NFT tax deductible?

April 26, 2017deductible DONATIONS nft tax

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Are all donations to NFT tax deductible?

1 Answer

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Yes, providing the donation is one where no service or product of value is expected or received in exchange for the contribution. When an individual makes a contribution in exchange for a product or service (such as dinner at a charitable fund raiser, or green fees at a charity golf event), only the portion of the contribution that exceeds the fair market value of the product or service received in exchange for the contribution is tax deductible.