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~* Garden Empress*~ | Question about tax deductions, Can you? |
A friend of mine told me that you can catalog donated items; such as men's shirts, woman's pants, per pair, etc. and get a certain amount back. I plan on going through them and write it all down before I get rid of them. Is this even worth the time?
Is it true, that you can catalog all of your donations, keep the receipt from donating and claim a certain amount during tax time?
Additional Details
My family files jointly, with 3 dependants, including two children. |
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Tim
 |
If you itemize your deductions you can.
If you file EZ or short form, you can not deduct it.
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roadhunter
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Yes. That is correct. Visit your local Goodwill donation center for a form that shows true market value for donated items. |
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bostonianinmo
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If you itemize AND your deductions exceed the standard deduction amount for your filing status (eg. $5,450 for Single, $10,900 for Married Filing Jointly) then you can deduct the fair market value of the items. Generally that's what they'd sell for at a re-sale shop like Goodwill or the Salvation Army. |
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don_horaldo
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yes you can claim the donation and if your going to donate (props for that) any ways get all the money you can. |
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Judy1
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Maybe. You have to have a receipt for the items, and you have to itemize to be able to deduct it. The amount of the deduction is the used (thrift shop) value of the item, and your tax savings if you itemize is the deduction amount times your tax bracket. So if you donated 20 items with a thrift shop value of $5 each, your deduction would be $100, and if you are in a 15% bracket, your tax savings would be $15. |
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chatsplas
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First does the family itemize taxes? If not, don't catalog items.
Secondly, does family have receipts for donated items from charity?. . . required by IRS now. . . value items by current thrift shop value--what Goodwill sells it for. . . |
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v b
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It's not that simple.
If you normally file as single, you already get a $5450 standard deduction. If you want to take a deduction for charitable donations, you must itemize and you will only benefit if the total is more than $5450.
Second, your cataloging is a good idea, but you have to be realistic as to value. Visit the charity and see what they sell the items for. If they regularly sell a shirt for $1, it's going to take an awful lot of shirts to make a dent in your taxes. |
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Jss
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Charity deduction is itemized deduction. You will itemize only when your itemized deductions are more than standard deduction, which is $10,900 for married filing jointly.
Read about contribution deduction: http://taxipay.blogspot.com/2008/05/itemized-deductions.html |
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