What is the Fair Market Value on my receipt?
All gifts are tax deductible as allowed by law. When gifts exceed the specific need of a project, or due to unforeseen circumstance the project cannot be fully completed, funds will be used for similar ministry purposes, broadcasting, or other important outreaches of LIFE (Ezra 7:17-18) The Internal Revenue Service and the Canada Custom and Revenue Agency require the fair market value of items received in exchange for your gift to be deducted from your gift. This means only the part of your donation, which exceeds the “fair market value,” can be claimed as a charitable deduction on your income tax return. However, due to other IRS code, some gifts are fully deductible if they meet specific criteria. If you are to receive a “thank you gift” and your receipt has no fair market value deduction, we were able to meet the criteria. More importantly, please know that our costs to secure “thank you gifts” are significantly lower than the fair market value. At LIFE, we are striving to maximize
