My wife and I rented our previous home to our church. We rented the home about $250 a month below market value. How do we go about writing that off as a donation? I know we need a letter from the church treasurer and she has agreed to write it but she would prefer to have a template for her to use. Does anyone have a source for such a thing or experience in this field?

no one? really?

It's not an allowed charitable contribution deduction. You didn't receive income so you have nothing against which a deduction can be taken.

For example, if you had rented a property for $1,000 a month and given the proceeds to charity, you would have $12,000 of taxable income against which you could take a $12,000 charitable contribution deduction. If you donated the use of the property, then you have no taxable income against which a deduction can be taken. The net effect of both is the same as no tax is owed.

Note: I'm ignoring the charitable contribution deduction limitations for the sake of simplicity.

The same principle applies to the value of your time when volunteering.

This message has been edited. Last edited by: trapper189,

Maybe change your title to add "CPA advice requested."

I wouldn't know about this specific situation.