Please kindly advise the type of donations to charity that are tax deductable? I'm thinking of donating a used car and some used clothes and used computers. Are this deductable. And what will i get on the deductions? Will i get the current value?
Also please tell me what else we do in our daily lives that are tax deductable.
Please advise.
2006-07-20 07:01:37 · 7 answers · asked by progress 2 in Business & Finance ➔ Taxes ➔ United States
Donations can only be deductible if they are made to authorized non-profit charities, and you need a receipt to prove it. There are literally thousands of types of tax deductions. You should look at what is relevant for you at the IRS website.
2006-07-20 07:05:53 · answer #1 · answered by Anonymous · 0⤊ 0⤋
First, in order for the donations to be considered "donations", they must be given to qualified charitable organizations, or ones organized under IRC Sec 501 (c)(3). If it is not one of these,m the deduction will be denied.
The deduction amount for the car will depend on whether it is subsequently sold or actually used by the org. If sold, your deduction will be equal to the amount they sold the car for. they will send a letter telling you the amount. If the car is used, you can deduct the FMV or blue book value.
The clothing and computer can be deducted at their fair market value (fmv). The best part is that YOU get to determine the FMV for these items. If the total is over $500, you will be required to report each gift on a separate form, so don't overdo your values.
2006-07-20 07:26:57 · answer #2 · answered by extra_37 4 · 0⤊ 0⤋
The deduction for the charity donation is limited to 50% of your AGI (CASH).
If the donation is property, it is limit to 30% of AGI
The unused credit can be carried forward for 5 year in a first in first out basis..
2006-07-20 09:46:01 · answer #3 · answered by tw9812 1 · 0⤊ 0⤋
in case you're actually not itemizing you get no tax income from charitable donations. It in elementary terms is clever to itemize in the adventure that the entire deductions are greater advantageous than your accepted deduction, at the instant $5,950 for somebody submitting as single.
2016-11-02 10:13:04 · answer #4 · answered by ? 4 · 0⤊ 0⤋
Those made a properly liscensed and properl IRS filing of 501c3 status. Ask the charity for thier liscense which can be verified on most state web sites. Then ask for the tax identification number and go to the IRS to make sure they are registered.
You can build a new tech business or give to charity. See my other questions and answers for reference
2006-07-20 07:09:30 · answer #5 · answered by abehagenston 2 · 0⤊ 0⤋
clothes, furniture, and money can be given to Amercan Red Cross, SalvationArmy, YWCA these will give tax credit
2006-07-20 07:11:46 · answer #6 · answered by ? 6 · 0⤊ 0⤋
Charitable contributions.
2006-07-20 07:07:25 · answer #7 · answered by Anonymous · 0⤊ 0⤋