I'm donating a great deal of clothes my family no longer wears which are in excellent excellent condition to the Salvation Army.
I was told this can be a tax deduction in California.
Is this true and if so what % of it is deductable?
2007-03-03 16:39:12 · 5 answers · asked by bpark73 1 in Business & Finance ➔ Taxes ➔ United States
You can only take charitable deductions if you itemize on your taxes.
2007-03-03 17:05:42 · answer #1 · answered by Vegan 7 · 0⤊ 0⤋
Don't know about CA state returns, but it can definitely be a charitable donation deduction on your federal return if you itemize.
The amount that's deductible is what the items would be expected to sell for at a Salvation Army store. Ask them - they might have a list for guidance. You'll need to get receipts for the donations.
Side note: if motormank's $1000 is true, he'd better have had a LOT of bags of clothes and other household goods!
2007-03-04 01:52:48 · answer #2 · answered by Judy 7 · 1⤊ 0⤋
I used one of the online tax programs and there was a part that called "It's Deductable" and it itemizes exactly each garment would be worth. I used it and got over $1000 for all the bags of clothes and other household good that I took to the GoodWill.
2007-03-04 01:27:34 · answer #3 · answered by motormank 2 · 0⤊ 0⤋
Anything cumulatively more than $500 in the course of a year needs an appraisal and any gift of property has to be in good condition. The IRS does not want people deducting their rags anymore.
2007-03-04 03:23:36 · answer #4 · answered by mattapan26 7 · 0⤊ 0⤋
Get a receipt (required for non-cash donations) and it's 100% deductible on schedual a.
You're not going to run into a problem until you've donated half of your AGI.
2007-03-04 00:45:39 · answer #5 · answered by Anonymous · 0⤊ 2⤋