Hi, I am single, no kids, no house. I usually do standard deduction. However, I donated many clothes. Is it helpful if I file a itemized deduction for those donated clothes? What's the min amount to file a itemized deduction in order to get more refunds?
2006-06-30 05:21:28 · 4 answers · asked by MsQuestion 1 in Business & Finance ➔ Taxes ➔ United States
Your best bet would be to figure your taxes both ways, using the standard deduction and the intemized deduction. Use whichever gives you the most back.
A good rule of thumb is that, unless you have a mortgage and pay interest, you are going to come out ahead using the standard deduction. Otherwise you probably won't have enough deductions to equal or surpass the standard deduction.
2006-06-30 05:27:02 · answer #1 · answered by Mama Pastafarian 7 · 1⤊ 0⤋
It's actually 5000. So the total for everything on the Itemized would have to be more than that to even make a difference. Even though you don't have a house, other things that you would be able to deduct on that same form include state taxes paid out (like on your checks or that you might have owed previous years) and car tags. But unless you gave away tons and tons of stuff, it prob won't help.
2006-06-30 05:54:30 · answer #2 · answered by dreamofme0202 2 · 0⤊ 0⤋
Its pretty simple, you would have to have more than 5k to itemize, 2006 will be $5.150k. Unless you buy a home and deduct interest/taxes, have employee business expenses, or have substanstial medical costs which will exceed 7.5% of gross income in the future, you cant itemize on schedule A.
2006-06-30 07:33:23 · answer #3 · answered by stucaz 2 · 0⤊ 0⤋
You have to donate more than the standard deduction. I am to lazy to look the amount up at the moment, but it is at least $2,000
Getting over that amount with just clothing contributions is pretty unlikely. The clothing is judged at its present worth, not what you bought it for.
Sorry about that.
-Dio
2006-06-30 05:27:31 · answer #4 · answered by diogenese19348 6 · 0⤊ 0⤋