Hi,
I have donated close to $3000 worth of clothing to goodwill here in Hawaii. But i didn't know i could claim it on my taxes. :( I didn't donated for the money but i didn't know i could claim it.
Dose anyone know if i can still claim it? How much money did i miss out on if i donated about $3000 last yr
2006-09-20 09:51:44 · 9 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Yes you can but you need a receipt from goodwill stating that you donated. Usually you only get a certain set deduction amount per "bag" of clothing you donate. Check out the IRS web site it will tell you for sure. Since it was last year I think you are out of luck anyway.
2006-09-20 09:54:57 · answer #1 · answered by Ask 2 · 0⤊ 0⤋
Yes, you can still claim it although it would be better if you got a receipt for the donation. Goodwill will give you a received items receipt - not a dollar evaluation receipt. It is up to you to determine the fair market value of the items.
You can still claim the donations from last year if you can substiantiate the donation. You have a list of the items and valuations in your records. You just file an amended tax return (1040x). Of course you are at a higher risk of audit if you have filed 1040x. But an audit is nothing to worry about as long as you can substantiate your deductions with writen records/receipts.
2006-09-20 09:58:08 · answer #2 · answered by arizona wolfman 5 · 0⤊ 0⤋
If that stuff which you claimed an itemized deduction of $500 for would quite have offered at a storage sale for $one hundred, you purely cheated on your taxes. The deduction would desire to have been for $one hundred, not $500. till you're already itemizing deductions, donations don't get you any tax fee reductions. in case you're already itemizing, your benefit is the quantity of the donation accelerated by potential of your marginal tax fee, or much less. once you're interior the 25% bracket and donate $one hundred, you keep $25 in taxes at maximum. If it brings you down a bracket, the fee reductions would be much less. If money is your purely motivator, sell the stuff. If the texture-solid ingredient is greater important, donate away no count if it saves you something or not.
2016-12-18 13:54:06 · answer #3 · answered by ? 4 · 0⤊ 0⤋
Charitable contributions are claimed as Itemized Deductions on Schedule A of the 1040. As others have noted, unless your Itemized Deductions exceed your Standard deduction, you do not benefit from the deduction.
2006-09-20 12:38:59 · answer #4 · answered by STEVEN F 7 · 0⤊ 0⤋
If you have a recipt or if you go back to the goodwill store and get a recipt, you can claim it. The money you missed out depends on your tax bracket. If it's 25% you missed out on $750
2006-09-20 09:56:51 · answer #5 · answered by ted k 2 · 0⤊ 0⤋
My understanding is that the rules just changed. You need to donate "like new" items to get the deduction if you get a reciept. If you donate old junky stuff or broken appliances, it's not deductible.
2006-09-20 10:00:52 · answer #6 · answered by Whoa_Phat 4 · 0⤊ 0⤋
I was told this last yr but you have to get a receit from the person at goodwill to claim it anybody can say they donated but you have to have proof
2006-09-20 09:54:29 · answer #7 · answered by Shorty 2 Short :) 3 · 0⤊ 0⤋
If you do, you waive the standard deduction, which begins at $5000 for most of us. And the deduction has to be over, I think, $2000.
2006-09-20 09:53:32 · answer #8 · answered by John K 5 · 0⤊ 0⤋
YOU CAN DEDUCT ONLY A SMALL PERCENTAGE OF THE ACTUAL VALUE AND THER IS A CAP ON HOW MUCH YOU CAN DEDUCT.You may be able to refile but it wouldnt be worth the hassle.
2006-09-20 09:54:21 · answer #9 · answered by Anonymous · 0⤊ 1⤋