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Posted by Brian on December 15, 2006, 12:36 pm
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Griz wrote:
> I am running Quicken 2001 but I have just upgraded to 2007 and I can't
> figure it out in either. I donated $1642.25 of consulting time to a
> non-profit organization and I made up an invoice and gave it to them and
> they gave me a donation receipt. How do I post this receipt to zero out my
> Quicken invoice? Technically I didn't receive any cash from them so if I
> posted it as cash received then donated back as cash it would up my gross
> receipts on the year so that can't be correct. Also, I don't believe I can
> void out their invoice and then claim the deduction because it wasn't a cash
> donation. How do I account for the donation when it is time/expertise?
>
> Thanks,
> Jess
>
>
You can't take a charitable deduction for your time unless you report
the income. So you are reporting $1,642.25 of ordinary income to
possibly get a Schedule A deduction of $1,642.25. This doesn't make any
sense.
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