Can I Deduct the Value of My Time?

Most folks know that charitable donations are considered deductible when you itemize your deductions on Schedule A of your tax return.

For many of us, the most charitable giving we do is in the form of our time, whether it be volunteering for an organization or offering to spend time or work at a fundraiser.

Unfortunately, charitable time is not deductible on your tax return. It is very complicated to try to value someone's time in a fair and consistent manner.

If you want to partake in a fundraiser and take advantage of deductions, best to donate money, a gift certificate prize, or other item with a very clear value to the charity or host. Make sure you get a letter stating the organization is a 501c3 and that your gift is deductible for federal tax purposes.