Is your purchase or donation tax-deductible? Read on to find out more.
Is my donation tax deductible?
Generally speaking, IRS guidelines dictate that product purchases made indirectly OR directly from a 501(c)(3) charitable organization do not typically qualify as fully tax deductible donations.
"If you receive a benefit in exchange for the contribution such as merchandise, goods or services... you can only deduct the amount that exceeds the fair market value of the benefit received or expected to be received." -IRS.gov
In order for a donation-only purchase to qualify for a tax deduction, the organization you are supporting would need to verify that they are a 501(c)(3) charitable organization with tax exempt status, and they would need to provide their EIN to their supporters. In some cases, they provide this information to Gold Athletics. We are currently working on providing this information to supporters on their purchase receipts. Please reach out to us for an EIN if you would like to inquire about a specific organization!
If you are familiar with the organization running the fundraiser, you might also find more information by using the Tax Exempt Organization search tool available from the IRS.