Itemized Tax Deductions for PSDs?

[NorthWoodsDiver]

I am a volunteer member on an all volunteer dive team. We supply all our own equipment and a former member who itemizes taxes for work informed me that he wrote off all his dive gear too cause it was a volunteer organization.

I have never itemized and am having issues finding anyone who seems to know if this is something I am able to do. even google doesn't seem to turn up much good info.

I'm a turbo tax kinda guy so I thought maybe someone here could voice in on the subject.

I have about $3500 in dive expenses for the year maybe a bit more but I have not got everything figured yet. I have not itemized before so the whole process is kinda bewildering.

The former member told me to add in mileage for team events, training, etc and any dive gear or training weather it was used for the team or not.

please advise. T

 

[Yotsie]

My best advice on this is to contact a tax professional. Since this is your first venture into itemizing, you'll need the help.

I write off most of my out of pocket costs, but i know there are certain rules and some stuff my "tax guy" kicks back before putting it on paper.

 

[Gary D.]

What Yotsie said!

Gary D.

 

[psumike]

Yes on a professional.

Having said that,I do document and deduct mileage for volunteer activities and costs associated with them.

 

[Gary D.]

Be careful with our advise. I don't think they have PSD's in the Big House.

Gary D.

 

[Chuck Tribolet]

Talk to a good tax person. And know the status of the organization.
"501(c)(3)" is likely a good thing. There are some other statuses that are
likely good. And others that are not. But if it has NO status with the IRS,
it's likely not much good.

Message to teams: It's worth the effort to find a lawyer who will pro-bono
file the paperwork for you. It also opens up places to meet and some
really significant discounts. One 501(c)(3) I'm involved with was able
to use a GREAT auditorium for like $25 a night.

Also, a little casual chit-chat with the famlies on a mission may pay off.
Back in the '60s I was involved in some land-based search and rescue.
We had this really clapped-out panel truck. The family from one mission
(and IIRC it had a very negative outcome) ran a local car dealership and
put a new motor in the truck.

Also: check on employer sponsorship. The panel truck later got replaced
with a big van courtesy of IBM, because there were several IBMer's on the
team (I was long gone from the area by then, there might have been
an intervening truck).

 

[scubasprout]

I am also a volunteer. My tax person told me that we could NOT write off our equipment even though it's volunteer. The only way I could claim the equipment on taxes was if I donated the equipment to the department. If anyone knows different, please let us know.

 

[denisegg]

As a tax professional I agree that you should seek out the advice of a tax practitioner in your area. Every one's situation is different and what would apply to one person may not apply to another. I could rattle off so many scenarios that it would make your head spin. Basically, if you have never itemized, you may not realize that the Federal government allows you a standard deduction of $10,900 if married filing jointly or $5,450 if single, a bit more if you are 65 or older or if you are legally blind or fall under the rules of head of household. Your deductions must be greater than this to even itemize. You would add together all your legal deductions such as medical expenses(which has another threshold before they can be used) interest on your home(which must meet certain requirements) and contributions(which are also subject to special requirements). There are also some state and local taxes that can be deducted and some miscellaneous items which also have a separate threshold that must be met before they can be used. The expenses you are discussing involve contributions of your time(which you cannot put a dollar value on and deduct) but for charitable work you are allowed to take your ordinary and necessary out of pocket expenses. Basically (and again this would have to be decided on a case by case basis) you can deduct 14 cents per mile for activities specifically related to the charitable organization. You must keep a mileage log with dates, beginning and ending odometer readings and the purpose of the trip. You may deduct training and travel again that is specifically related to the activity. Generally, to deduct your expenses this would have to be an organized exempt organization that files the required paperwork with the IRS to obtain and maintain exempt status. All of your dive equipment would not be deductible because it's use would not be solely confined to the use of the charitable function. If you buy a specific piece of equipment that cannot be used for recreational diving and is used 100% solely for the charitable work, it would probably be deductible but you would have to prove that that was its sole purpose. You can donate your equipment to charity but the charity again would have to be registered with the IRS as a legitimate exempt organization and you would only be allowed to deduct the fair market value at the time of the donation, not what you paid for it. Now......do you see why you need to speak to a professional

 

[mavdog]

I turn in my reciepts to my Accountant. I only get to deduct 10% but it adds up quick. There is no such thing as a rec dive for a PSD. There are more enjoyable "training" dives though. and all your dive gear is not just dive gear its PPE (personel protetive equipment) .