If I understand it correctly, such donations are direct reductions of taxable income, thus I’d set up a contra-income account for the other half of the transaction.
But by all means, speak to a local CPA about how best to handle this. Regards, Adrien > On Nov 24, 2019 w48d328, at 11:58 AM, Art Chimes <[email protected]> wrote: > > In the US at least, many donations of stuff — other than money — to > charities is tax-deductible. This includes furniture to the Salvation Army, > canned goods to a food pantry, books to your public library's annual sale, > plumbing supplies to Habitat for Humanity, etc. > > There are various limitations, but let's assume we're talking about > qualified donations. > > My question is, how best to record these in Gnucash. > > I have an expense account called "charity:non-cash contributions" where I > record these (potentally tax-deductible) donations, but I don't know how > best to record the other side of the transaction. > > As a placeholder, I am using "Orphan-USD" as the source. Is there a better > way. > > Note: I do not want to be tracking the purchase cost of every item I > donate, and don't want to muck about in the pond of depreciation either. > But I can't imagine I'm the only person who has wondered about this. > > Thanks, > Art _______________________________________________ gnucash-user mailing list [email protected] To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
