[mark10nina]

If you bought meters last week and plan on donating them, now is a good time to go online (walgreens.com or cvs.com) and download a copy of the item(s) you bought to prove the "real value" of the meters. I only got one this time around but have been saving them up all year to donate in one big bunch....I will take a picture of what I am donating and then attach the descriptions/pricing of the items to my donation receipt (they usually don't assign a value) and keep this with all my other tax stuff.....A nice little write-off and helping the community at the same time!

Hope this helps someone!

[my sweet blessings]

good idea. I am donating the strips from the boxes ot my mom, though! LOL She NEEDS them win win for us!

[sleepy832]

Isn't there a maximum that you can claim come tax time in donations? Anyone know what it is?

[freegroceries4me]

Originally Posted by sleepy832

Isn't there a maximum that you can claim come tax time in donations? Anyone know what it is?

Very high - like 50% of your adjusted gross income.
Publication 526 (2008), Charitable Contributions

To claim it, you'll have to itemize and use Schedule A.

If you donate more than $500 worth of items (not cash), you need to fill out form 8283, too.

Tax Topics - Topic 506 Contributions

[sleepy832]

Wait wait wait.... I have over 100 meters!! So you are saying if I donate them I should get a sheet and print out the value of the meters which I am guessing is probably like $80. So I could then claim $8000 in charitable donations?

I need tax advice now!

[vaneska]

let me ask my hubby he do taxes...wait let me turn off the tv and tell him
Hey you need to put some addition to my taxes you help me or what??
I'll be back he do anything for an addition to the taxes...

[freegroceries4me]

Originally Posted by sleepy832

Wait wait wait.... I have over 100 meters!! So you are saying if I donate them I should get a sheet and print out the value of the meters which I am guessing is probably like $80. So I could then claim $8000 in charitable donations?

I need tax advice now!

I would say the value you claim shouldn't be over $14.99 which was the price WAGS was charging that day. That is still $1,499. Now whether or not you should factor in the coupon, is between you and your tax preparer.

[roadrunner_12348166]

great question!!

[sleepy832]

After reading online you are to deduct "fair market value" for an item. Now to just figure out what fair market value is!

And to find a non profit organization that wants all these meters!

[layla74]

Originally Posted by freegroceries4me

I would say the value you claim shouldn't be over $14.99 which was the price WAGS was charging that day. That is still $1,499. Now whether or not you should factor in the coupon, is between you and your tax preparer.

Nope! As of right now the way the tax law is written, you CAN claim the cash value of the item. So the value of the Contour (in GA) is $79.99 or the Breeze is $59.99. But in the end, the only way it makes a big difference in your taxes is based on your Adjusted Gross Income. So don't plan on the meters to be a double money maker!!

[couponmama62]

Sleepy, you always crack me up

[dmyersquin]

This is something you should talk with your tax preparer about. I talked it over with my father in law, a CPA that does taxes. Fair Market value is the price anyone could buy it for. So, I would say that is the sale price that anyone could buy it for on sale, not the full price. You should definitely clarify this if you are donating a lot of items. If your charitable donations are really high, it might be a red flag for an audit.

[justfluffyme]

Originally Posted by sleepy832

After reading online you are to deduct "fair market value" for an item. Now to just figure out what fair market value is!

And to find a non profit organization that wants all these meters!

I'd think the RED CROSS would be a good place to donate a lot of meters. Every time there is a disaster they go in, and people send them clothes, ect. But, think about when people loose everything! I'm sure there are diabetics who need meters.

[mark10nina]

Originally Posted by dmyersquin

This is something you should talk with your tax preparer about. I talked it over with my father in law, a CPA that does taxes. Fair Market value is the price anyone could buy it for. So, I would say that is the sale price that anyone could buy it for on sale, not the full price. You should definitely clarify this if you are donating a lot of items. If your charitable donations are really high, it might be a red flag for an audit.

I am going to respectfully disagree...if you need a meter today, you will go to Walgreens and pay $79.99 (well we wouldn't but somebody would) for it. As far as an audit is concerned, no worries, the IRS has to be very specific in what part of your return they are auditing...so in this case, as long as you have proper documentation there is nothing they can say about it....these are brand new meters, never opened, and retail for $79.99....there is nothing deceiving about that, I know it is hard to believe but people really do pay that much for these meters because they have no clue about couponing and such. The important thing to note here is to have/keep proper documentation. If it makes you feel better, by all means let your tax professional decide.

BTW: I would never advocate cheating the tax system...at least not in writing...

[momof2sweetkids]

Originally Posted by justfluffyme

I'd think the RED CROSS would be a good place to donate a lot of meters. Every time there is a disaster they go in, and people send them clothes, ect. But, think about when people loose everything! I'm sure there are diabetics who need meters.

I was thinking like you and thought that the Red Cross helps with disasters and in that situation people lose lots of things if not everything. So i called and they said that they don't take them cause it is medical equipment. I asked if they knew who might and they have no idea. I have several that i am wanting to donate but can't find anyone to take them. I am starting to think i may have to throw them away and i hate to do that. It is hard to get rid of the on craigslist or freecycle for free also. I would really think that people would need these.

[coley31]

Just a reminder too, many veterinary hospitals and animal rescue groups would happily accept these as donations. The population of diabetic animals is huge, and many owners cant afford meters to track their animals.

[dmyersquin]

Check with your local crisis pregnancy center. For women diagnosed with gestational diabetes but can't afford the meters.
I donate to the senior center where my parents eat lunch and give some there. For the seniors that need them but don't have insurance to cover it.

[antiqueforest]

I was told to claim only what I paid because that is what my receipt shows price wise incase I get audited IRS would want to see receipts.

[luckycat87]

Exactly right antiqueforest. You should only deduct the amount that you paid. If you donate more than $500 of non-cash items, then a special form must be attached to your return. This form requires you to list how/when it was purchased and what you paid for it.
The fair market value is generally used as in 'the lesser of fair market value' or your basis (what you paid). There are always different ways of interpretting tax law depending on your comfort level. Sure chances of an audit are low, but is it worth the worry? I would not advise my clients to do this.
Plus, there's no benefit unless you have to itemize, which most people don't unless they are single or have a large mortgage.

[alidavidson]

Hi All...I've gotten in trouble before for my opinions on the meter issues, so I'll just say this about that........
PLEASE be AWARE that the test strips in the meters that you are buying have EXPIRATION dates, AND as another poster stated, most charitable organizations cannot accept them due to liability issues.
OK, I can't resist......., but.......if you had no idea what you would do with the meters when you "purchased" them.....oh never mind...my Grandmother and mother both died from complications of Diabetes, and I am a diabetic also, so it's a sore subject.
I wish they would go back to making them a prescription item

[joshmamabear]

Originally Posted by antiqueforest

I was told to claim only what I paid because that is what my receipt shows price wise incase I get audited IRS would want to see receipts.

I thought about donating items to use as tax shelter. NO go according to my reliable CPA accountant. I forgot the max amount he said but it may vary every year depending on tax amendments done annually. BUT definitely, he said I may just be asking for audit if IRS sees I have thousands worth of donations claimed on fair market value. I was told I cannot claim full price for an item I used a coupon and paid just sales tax. Even the $ spent for gas cannot be factored in. He said I would likely be asked to produce receipts for all I have claimed for donations. So better ask a tax professional lest you flag yourself and be in for audit.

With that info, I'm just happy to have made some extra bucks. I just donate for the sake of giving them to those who need them. TO squeeze more out of donations may lead me to trouble instead of prosperity

[momkjchs]

Originally Posted by alidavidson

Hi All...I've gotten in trouble before for my opinions on the meter issues, so I'll just say this about that........
PLEASE be AWARE that the test strips in the meters that you are buying have EXPIRATION dates, AND as another poster stated, most charitable organizations cannot accept them due to liability issues.
OK, I can't resist......., but.......if you had no idea what you would do with the meters when you "purchased" them.....oh never mind...my Grandmother and mother both died from complications of Diabetes, and I am a diabetic also, so it's a sore subject.
I wish they would go back to making them a prescription item

ME TOO!!!!! I wish they were prescription only also. This is a very touch subject for us diabetics. The strips in these are the incredibly costly and even if people get the meter now from the health department, they can't afford the strips later. The monthly on this would be a minimum, without testing properly of $100 + just for strips. People without insurance don't buy these strips. Getting the store generic meter and strips is a better economic route. Judging from the number of posts with people having a hard time finding someone to donate the meters to for various reasons, and my own personal experience, the people making out the most are couponers. I personally bought this meter at Walmart, regularly priced for $19.99.

And, before anyone throws the meters away, please take out the strips and offer them to any of us diabetics on afullcup and we would LOVE, LOVE, LOVE to have them.



Here comes trouble.

[joshmamabear]

Originally Posted by momkjchs

ME TOO!!!!! I wish they were prescription only also. This is a very touch subject for us diabetics. The strips in these are the incredibly costly and even if people get the meter now from the health department, they can't afford the strips later. The monthly on this would be a minimum, without testing properly of $100 + just for strips. People without insurance don't buy these strips. Getting the store generic meter and strips is a better economic route. Judging from the number of posts with people having a hard time finding someone to donate the meters to for various reasons, and my own personal experience, the people making out the most are couponers. I personally bought this meter at Walmart, regularly priced for $19.99.

And, before anyone throws the meters away, please take out the strips and offer them to any of us diabetics on afullcup and we would LOVE, LOVE, LOVE to have them.

^^ that is true. for those who believe charity begins at home and consider this board your home, we have a lot of members who can use the strips. Just ask around and they willingly take them.

[mcwiggins]

Originally Posted by dmyersquin

Check with your local crisis pregnancy center. For women diagnosed with gestational diabetes but can't afford the meters.
I donate to the senior center where my parents eat lunch and give some there. For the seniors that need them but don't have insurance to cover it.

I was just about to say the local crisis pregnancy centers! That's where mine are going! I have a friend who runs one, and she is always in need of these.

[puddinplums]

I am with a non-profit agency, Allen Council on Aging, Inc.! If anyone would like to donate to us we would greatly appreciate a donation of any kind! We assist the elderly and at-risk of a very remote rural parish of Louisiana. Thank you and God Bless ~ Yvonne