No, it’s not a joke. Deer meat can actually reduce your taxes. Let’s talk deertails. (Bad pun, sorry).
Tax credits for deer meat donations
Donating money, clothing, food, and furniture can reduce your taxes owed. And guess what? So can donating deer meat—at least, under certain conditions. Here are the rules:
- You must be a licensed hunter
- You must donate deer meat to a qualifying charitable organization
- You must live in a participating state
Let’s go through each of those requirements in more detail.
- You must be a licensed hunter
This one is pretty self-explanatory. To become a licensed hunter, you’ll need to check your state’s requirements, which usually include taking a hunter education course and buying a license.
- You must donate to a qualifying charity
Just as with other tax-deductible donations, your deer meat has to go to a registered 501(c)(3) charity. That means you can’t just give it to an individual, even if that individual is someone in need.
- You must live in a participating state
This is where it really gets tricky. Currently, there are only two states that offer this tax credit: Maryland and South Carolina. Maryland offers a $50 tax credit per deer carcass and South Carolina offers $75.
So if you come home with a surplus of venison and want to get an easy tax write-off, consider donating some of that haul. Just be sure to check your state’s requirements so you can get the credit you deserve.
Looking for more ways to reduce your taxable income? Talk to a verified CPA today.