Skip to main content
TurboTax
Community
TurboTax
Community
TurboTax
Community
L
Looney1966
May 29, 2024
Question

Hay Donation

  • May 29, 2024
  • 2 replies
  • 0 views

We have a farm and are looking to donate hay instead of selling it.  Can we deduct that on our farm taxes?  If so, is their a maximum we can donated and deduct?  Also, what price do we use for the donation?

2 replies

X
xmasbaby0
Employee
May 29, 2024

Are you donating the hay to a recognized charitable organization?  

 

https://ttlc.intuit.com/community/credits-and-deductions/help/what-is-a-qualified-charitable-organization/00/26938

 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
L
Looney1966Author
May 29, 2024

Yes, we are.  

T
TomD8
Employee
May 29, 2024

If you donate property other than cash to a qualified organization, you may generally deduct the fair market value of the property.   However, see Limitations on Deductions in this IRS reference:

https://www.irs.gov/charities-non-profits/charitable-organizations/charitable-contribution-deductions

**Answers are correct to the best of my ability but do not constitute tax or legal advice.
L
Looney1966Author
May 29, 2024

Do these deductions get deducted from my Sch F or as an itemized deductions on Sch A.  I believe we could use the FMV of the hay.

T
TomD8
Employee
May 29, 2024

Schedule A, as an itemized deduction.

**Answers are correct to the best of my ability but do not constitute tax or legal advice.
TurboTax Sign In Widget
TurboTax flag icon

Unlock tailored help options in your account

Create an account
TurboTax Expert Assist
TurboTax Expert

Get answers to all your tax questions

Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Expert Assist.

Terms & ConditionsCookie settingsAccessibility statement
Intuit
TurboTax Credit Karma QuickBooks MailChimp

©1997-2022 Intuit, Inc. All rights reserved.
Intuit, QuickBooks, QB, TurboTax, ProConnect, and Mint are registered trademarks
of Intuit Inc. Terms and conditions, features, support, pricing, and service options
subject to change without notice.

Security Certification of the TurboTax Online application has been performed by
C-Level Security.

By accessing and using this page you agree to the Terms of Use.

Accessibility

TRUSTe nResult Certified e-File C-Level Security Certification