Should the labor we donate when we volunteer be deductible? How would it be calculated? What would be the advantages and disadvantages?
The Internal Revenue Service (IRS) does not allow individuals in their income tax return to get the deduction of their volunteer labor given to any nonprofit organization or any other organization.
The amount of deduction is not required to be calculated because it is not allowed as deduction.
The advantage is IRS allows individuals to get the deduction for certain expenses (not labor) related to volunteer service, including:
And, obviously the disadvantage is IRS doesn’t allow individuals to get the deduction for the labor donated to a volunteer work.
Get Answers For Free
Most questions answered within 1 hours.