2006-12-28 08:46:45 · 6 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ Other - Taxes
First, you must be itemizing and not using the standard deduction. You can take a deduction if you are itemizing. Second, you need a written receipt for the donation, and hopefully some proof of the condition of the furniture. The IRS is cracking down like some have said. Starting August 19, 2006 people need appraisals for anything valued more than $500.
The deduction will help lower your tax liability, but how much you will get back depends on your tax bracket.
2006-12-29 05:17:39 · answer #1 · answered by chelle8079 2 · 0⤊ 0⤋
There was a change on this recently. (8/17/06 I believe)
Anything valued at over $500 must have an independent appraisal done before the donation.
Apparently, the values that taxpayers were assigning to their donations were a little out of whack with the actual value.
2006-12-28 17:46:29 · answer #2 · answered by Wayne Z 7 · 2⤊ 0⤋
They are really cracking down on this. You need an appraisal of the furniture to make it hold water. You get to subtract the deduction from your income (there is more to it than that) so the maximum you would get back would be the tax on that amount.
2006-12-28 16:55:06 · answer #3 · answered by united9198 7 · 3⤊ 0⤋
it depends on how much you made last year. the $2500 is only a deduction, so you might get about 10-15% of that as a reduction in the taxes you owe.
2006-12-28 16:51:37 · answer #4 · answered by Kutekymmee 6 · 0⤊ 0⤋
Depends on your tax bracket. And you can only deduct it on Schedule A. So if you don't itemize, you're S.O.L.
2006-12-28 17:28:38 · answer #5 · answered by crazydave 7 · 0⤊ 0⤋
depending on your tax bracket usually about fifteen to twenty percent.
2006-12-28 16:49:49 · answer #6 · answered by koalatcomics 7 · 0⤊ 0⤋