Vehicle Loaned for Pastor's Use
by K. Dobbs
We have two members who loaned their vehicle for the pastor's use during a time when he didn't own a car.
They would like to receive a contribution statement for the value of the vehicle use for the week's it was loaned.
The value has been determined by using a well-known car rental company's posted rates for the same vehicles. How do we go about doing this as the amounts, especially weekly, are substantial?vickey’s reply
You cannot issue them a contribution receipt. Cash or noncash contributions to an individual do not qualify as charitable donations, and the IRS does not allow a tax deduction for them.
According to Keith Hamilton, D.Ed.Min, CFP, “You cannot deduct contributions to specific individuals, including contributions to individuals who are needy or worthy. This includes contributions to a qualified organization like a church if you indicate that your contribution is for a specific person
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