Tax Guy: Dear Tax Guy: I bought a portable oxygen concentrator for a friend with terminal cancer. Could it be a charitable donation?

by | Dec 30, 2022 | Stock Market

Dear Tax Guy, This year, I bought a portable oxygen concentrator for a friend with terminal cancer. It’s made a huge difference in her quality of life versus hauling short-lived cylinders around. I’m wondering if it qualifies as a charitable donation. It was purchased for her as an individual, not through any organization. It cost $2,700. If I can claim it, is it cash or a non-cash contribution?

A Caring Friend Dear Caring Friend, As we all try to think of good presents for loved ones, I admire your compassionate gift for your friend. But I can’t point to any charitable deduction or tax break for your good deed. Nor can Michelle Jann, senior wealth advisor at Goelzer Investment Management in Indianapolis, Ind. “For it being considered charitable, it would have to go to a qualified charitable entity,” Jann said. Furthermore, the charitable contribution deduction also wouldn’t apply if you had found a charity, given that the money/equipment were to be used solely by your friend. “There’s truly not a way to do that where you can get medical equipment or cash to an individual directly or even trying to use a conduit,” she said. When it comes to cha …

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