2006-07-02 03:46:21 · 10 answers · asked by southernmd 1 in Business & Finance ➔ Taxes ➔ United States
You need a receipt from the charity. They will not generally provide you with an estimated value, only a receipt stating that you donated the items. You can obtain good estimates of value by using a program called "Its Deductible", available from www.itsdeductible.com. I believe it's also included with TurboTax.
2006-07-05 12:05:22 · answer #1 · answered by Thinker 5 · 1⤊ 1⤋
Technically, the deductible amount is the fair market value of the property. This is usually an estimate. The charity's guess is probably as good as yours. If any single item is valued at over $250, then you must get a statement from the charity stating what you donated and if any services were received in return. If your total non-cash contributions are over $500, then you must also fill out Form 8283 and attach to your return. There are also various limitations on deductions (usually 50% of your adjusted gross income) that vary depending on the type of property you are donating
2006-07-02 03:58:47 · answer #2 · answered by Tax Man 2 · 0⤊ 0⤋
Tax CPA has a very good answer. I just wanted to add that while you are getting rid of the items to charity make a list of what items and how many. When you go to Salvation Army or Goodwill they have lists of value of items that they can give you. If you are not giving to one of those organization, contact your tax preparer and they will hopefully have a list with value of items. Don't forget the receipt from the organization. I have taken the receipt and list to a Charity audit and they just made a copy and accepted it because we had done our homework.
2006-07-02 05:13:28 · answer #3 · answered by sandytax 1 · 0⤊ 0⤋
Check out the stuff on ebay see how much a similar item is going for them when you claim ur taxes put the amount on the
tax return. Last year a friend of mine gave a 1993 Ford Escort for Charity.He got like $1500 which he could put on his taxes.
2006-07-02 05:16:43 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You can only claim its fair market value.
if it is major stuff like cars and boats, you can only claim what the charity agency sold it for.
sorry 2004 was the last year to really guesstimate your return on charity items
Start giving cash in amounts smaller than 99 and you dont need a receipt.
2006-07-02 03:52:57 · answer #5 · answered by Anonymous · 0⤊ 0⤋
I guess you would have to get a reciept from the charity. But I dont know that they do this if its not a cash donation. Call the tax office.
2006-07-02 03:52:00 · answer #6 · answered by Mrs D 6 · 0⤊ 0⤋
Deductions for contributions in excess of 20% of your adjusted gross income may be limited depending on the type of property or the type of organization the donation is contributed to.
So, whatever 20% of your AGI is would be the limit on how much you can claim unless you want to deal with explaining things to the IRS.
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2016-12-10 03:29:40 · answer #8 · answered by suire 4 · 0⤊ 0⤋
I think $250, but the place you are donating to might know for sure
2006-07-02 03:51:08 · answer #9 · answered by banshee 4 · 0⤊ 0⤋
Normally places like goodwill lets you enter your own amount when donating items.. I think its $2,000.00 dollars...not sure..
2006-07-02 03:52:09 · answer #10 · answered by ralphtheartist 3 · 0⤊ 0⤋