Not sure if this is the right forum, but is it possible to donate tuna caught on a sport boat to a San Diego food bank? Or do they just want canned tuna? Any info will be appreciated. Thanks.
If you itemize re taxes?Not sure if this is the right forum, but is it possible to donate tuna caught on a sport boat to a San Diego food bank? Or do they just want canned tuna? Any info will be appreciated. Thanks.
Awesome thanks, that’s how I figured it worked but wasn’t sure.Donations through Five Star to the Fish-Food-Feel Good program are just that. Donate your fish and you’re done.
Five Star processes the fish and freezes it. Various organizations come to Five Star to pick it up and pay only for the processing and that, at a reduced rate. Great program.
Okay, I feel this is not 100% correct information. I agree if you don't want the fish, then C&R. But I've been on boats that want you to keep the fish if the boat doesn't have limits. I have been on boats that allow C&R too, so it depends on the boat. If you have extra fish, give them to other passengers or use the donation route. I know other passengers have very much appreciated receiving fish when they have none or only 1. I try to do handoffs, but it doesn't always work out. I had a reel wrecked on last trip. That said, I don't think the CDFW has any standing on IRS determinations on what is tax deductible. Please ask your accountant to be sure. If anyone has an IRS letter stating one way or another, please provide that so we can all be sure. That really is the gold standard for what deductions are allowed and what are not.Donated sport caught fish cannot be used as a tax deduction. Google "CDFW tax deduction for sport caught fish". This has been discussed many times and CDFW has published the information multiple times. Don't kill a whole bunch of fish that you don't want thinking that you are going to get a big tax deduction to help pay for your fishing trips. Just hand them off to a fellow angler who is having trouble getting bit or release them so that they can live to fight another day.
I agree. CDFW is NOT the IRS. A donation is a donation just like going to the good will and donating items(ironically you claim the value of the donations...grey area). See the IRS regulations, no where does it state that sport caught fish cannot be claimed as donations. Even if audited, all you have to tell the IRS if they fight it is where in Tax code does it state otherwise. Done.If the CDFW has published their official position that the value of sport caught fish is zero and that you cannot use the donation for a tax deduction do you really think that the IRS is going to take the exact opposite view and allow you to claim thousands of dollars for donated fish so that they collect less income tax from you. Good luck with that. I have a pretty good tax professional and I have asked this exact question several times and the answer is always the same, "don't do it".
I think the donation program is excellent. Quality donations of excellent protein instead of the oldest can of pineapple on the back shelf of the pantry. .The CDFW is correct on this one. Try if you want but like I tell some of my clients, your wallet is not worth my license. I've only been a tax accountant for over 43 years so what do I know.
Only to the offshoot of the tax implication points raised, just one area of the discussion. Not unreasonable when people ask about monetizing donations to get responses from folks with experience - to be careful.Everyone became a account really fast on this post.