Specifically clothing and household items.
I recently moved and really cleaned house. I donated probably a good $1000 worth of stuff to St. Vincent De Paul. I did save all of the receipts. Will I get that money back in my tax return? I'm not sure how that works. I have donated before, but never claimed it.
2006-12-20 08:28:06 · 5 answers · asked by ? 6 in Business & Finance ➔ Taxes ➔ United States
You need to be itemizing deductions using Schedule A. If you're taking the standard deduction, it won't matter.
While there are a number of kinds of limitations, in general what happens is you use that $1,000 to reduce your taxable income, which is what you then use the formula or tax tables to determine your income tax payable. It isn't a direct reduction of your taxes per se.
Hope that helps.
2006-12-20 08:33:26 · answer #1 · answered by Vincent F 2 · 3⤊ 0⤋
If the donation was after 16th August 2006 the items would need to be in good, rather than fair or poor condition. You will need to keep an itemized list of items with fair market value (photos are helpful too - I have one client who does that).
If you do, indeed qualify to take a deduction, you will enter the whole amount on Schedule A, the total of which reduces your taxable income.
2006-12-20 17:11:35 · answer #2 · answered by skip 6 · 1⤊ 0⤋
The actual dollar amount that you can put on your tax form is the Fair Market Value of the items. Typically what someone would be willing to pay if you would to sell them, for example at an yard sale.
As someone has already mentioned, you can take advantage of the deduction only if you itemize your deductions instead of taking the standard deduction. The standard deduction is $10300 for married filing jointly, or $5150 if single. If you have real property that you are paying taxes and mortgages, chances are you will benefit.
Best wishes.
2006-12-20 18:36:48 · answer #3 · answered by JQT 6 · 0⤊ 0⤋
im betting that $1000 of deductions is not enough for you to itemize your deductions on Schedule A rather than take the standard deduction. so again, you wont be claiming the donation.
for future references, the receipts will give you the value you can claim on your tax return as a deduction. this will reduce your income, and therefore reduce your tax liability. this is NOT money you will get back in your tax return.
2006-12-21 07:03:17 · answer #4 · answered by tma 6 · 0⤊ 1⤋
The receipts are all the proof you need.
2006-12-20 17:15:11 · answer #5 · answered by beez 7 · 0⤊ 2⤋