neveroddoreven
Junior Member
I would like to develop some computer software for a 501(c)3 charity cause, and take a tax deduction for it. I read some articles online that said individuals can't take a deduction for time donated, but could deduct for merchandise/cash donated.
Would it be reasonable to produce a new software application for a charity, donate the software and the rights to its code/intellectual property to that charity, and take a deduction on the fair market value for the software application itself? If so, how might I go about setting a value on a custom software application?
I haven't started the work or selected a charity yet, so if this idea is plausible, I'd gladly accept any tips on keeping records and following rules.
Would it be reasonable to produce a new software application for a charity, donate the software and the rights to its code/intellectual property to that charity, and take a deduction on the fair market value for the software application itself? If so, how might I go about setting a value on a custom software application?
I haven't started the work or selected a charity yet, so if this idea is plausible, I'd gladly accept any tips on keeping records and following rules.