charitable donation for donating a horse to euthanize and use in a veterinarian medical school
IS there a charitable tax donation for donating your horse for euthanization for use in a veterniarn school?
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03/29/11 1:03pm PDT
Viewed by asker 03/29/11 1:34pm PDT
Viewed by asker 03/29/11 1:34pm PDT
12 Replies
03/29/11 1:12pm PDT
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I am not 100% but would think so - I had a client last year who donated his horse to a place for diabled children. I was amazed when I started reading about horse donations.
PhoebeRoberts
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03/29/11 1:26pm PDT
Limited to the FMV of the horse, which FMV has to be determined after taking into account the "you have to euthanize it" restriction.
Not many people will pay much for the right to put down a horse.
If I wanted phone calls, my phone number would be in my profile. If you have a question, post it in the applicable forum.
03/30/11 6:25am PDT
Not only that, Phoebe, but horse values are down in general. There are already more willing donors than there are willing recipients.
Scott
sjrcpa
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03/29/11 1:27pm PDT
But what is the FMV of a horse at death's door? I am hoping they did not give a healthy horse.
The more I know, the more I don't know.
03/29/11 1:34pm PDT
no the horse was 30 years old. I am sure my client would not have put down the horse unless she had too.
03/29/11 1:42pm PDT
I think the possible 'donation' would be limited to the value (to the veterinarian hospital) that exceeds what would have been the cost of the euthanization.
03/29/11 1:53pm PDT
Ok, the horse isn't going to work too well this year, so are they going to try to deduct the donation of grandma to a medical school next year?
03/30/11 9:49am PDT
Does the vet school normally buy horses for anatomy class? If so what's the going rate?
By the way, both of my parents decided to go to medical school (not veterinary medical school) after they died. Actually, they decided before they died to go after they died.
I didn't claim a tax deduction for Pappy or Granny - I didn't have a tax basis for them - but rlw's client probably does have a tax basis in the horse and it's probably greater than the FMV at the time of donation.
My mother was a teacher for most of her adult life, so she decided to continue that career afterwards, too. The med school appreciated it.
03/30/11 9:54am PDT
Does the vet school normally buy horses for anatomy class? If so what's the going rate?
By the way, both of my parents decided to go to medical school (not veterinary medical school) after they died. Actually, they decided before they died to go after they died.
I didn't claim a tax deduction for Pappy or Granny - I didn't have a tax basis for them - but rlw's client probably does have a tax basis in the horse and it's probably greater than the FMV at the time of donation.
My mother was a teacher for most of her adult life, so she decided to continue that career afterwards, too. The med school appreciated it.
I'll probably do the same although the school might decide to check and see if Phoebe's friends have eaten my brain. Whether they will want it or not may depend on how close to tax season the offer is made.
03/30/11 9:57am PDT
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Sorry for the duplicate post - Phoebe's zombies have gotten to my modem's brain and sometimes it just quits on me. I thought the first one didn't go thru and tried again.
ScottBonacker
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03/30/11 6:07am PDT
If there is a deduction for a cash donation to the school, then there should also be a deduction for a non-cash donation.
The difficulty though is documenting the value of the living horse.
For donations over $5,000 a qualified appraisal is required. There is an article discussing the requirements here:
www (dot) cof.org/files/Documents/Goverment/files/
Charitable Reform Resource Center/
06QualAppraisNonCash.pdf
(What you see above are three segments of the URL that need to be rejoined. Because of spaces used in the URL, it won't display properly here)
or http://tinyurl.com/645bgqo if you prefer.
A few years ago when a client donated a horse we had an appraisal done by a professional equine appraiser.
Joan Harmon
THREE WISHES EQUINE SERVICES
4707 Sandra Lane
White Bear Lake, MN 55110
ThreeWishesEquine@yahoomail.com
Joan is a member of the American Society of Equine Appraisers.
I hope that helps,
Scott
Scott Bonacker CPA
Springfield, MO
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Springfield, MO
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03/30/11 8:33am PDT
At this point, the horse is dead and there is nothing to appraise.
