I wasn't able to itemize my deductions last year, so I didn't deduct some charity donations. Can I deduct them this year in the space for "Carryover from previous year"?
2007-02-13 05:27:25 · 6 answers · asked by Tom S 3 in Business & Finance ➔ Taxes ➔ United States
I believe that the carryover is due to the fact that you can't deduct over 50% of your pay as charity. Since you didn't itemize I doubt that that was true.
2007-02-13 05:31:13 · answer #1 · answered by Barkley Hound 7 · 2⤊ 1⤋
No. Carryover just means amounts that could not be claimed last year because they exceeded allowable limits, not because you didn't itemize. Contributions must be reported in the year they are made.
2007-02-13 05:42:52 · answer #2 · answered by Judy 7 · 1⤊ 0⤋
in case you donate your vehicle, you in trouble-free words get ANY tax income in case you itemize, and there are not many pupils who've sufficient deductions to itemize. in case you could itemize although, the deduction on your vehicle donation is what the charitable company sells it for. they in additional than a number of circumstances promote them at public sale, which oftentimes brings a low fee than e book fee. And if it is in undesirable structure, it would carry a pair hundred money at perfect. and then, it truly is a deduction, no longer a credit, so that you do not subtract the quantity from the tax you owe. You subtract the quantity out of your income previously your tax is calculated. So in case you donate a vehicle that the corporate sells for $2500, and also you're in a 10% bracket, and also you itemize, your tax discounts is $250. A vehicle that the corporate sells for $four hundred would provide you with, at maximum, a tax discounts of $40. Donating a vehicle only for the tax deduction is a dropping pass. you ought to promote it for far more beneficial. in case you opt for to help the corporate, it truly is high-quality, notwithstanding the tax discounts from the donation is small.
2016-11-27 20:28:57 · answer #3 · answered by Anonymous · 0⤊ 0⤋
No, that's only for deductions that were limited due to income in a previous year. Unless you're "uber-rich" that won't apply to you.
2007-02-13 05:30:04 · answer #4 · answered by Bostonian In MO 7 · 3⤊ 0⤋
Nope! 2005 deductions go on a 2005 return ONLY.
BTW, don't listen to "kcb" - he's WRONG
2007-02-13 05:55:08 · answer #5 · answered by Dizney 5 · 0⤊ 0⤋
yes if you itemized this year you can
2007-02-13 05:54:20 · answer #6 · answered by kcb 1 · 0⤊ 1⤋