Can I right off my donation 1 for 1?

Question

I am thinking about donating lot’s of stuff this year. I was wandering do I get back in taxes what I donate. For example if I donate my $100 camera will I get $100 back on my taxes? Providing that I file itemized in USA.

Answer 1

A $100 donation does not give you a $100 refund on your taxes. Donations reduce your taxable income.
Basic example: if your taxable income was $25,000, a $100 donation would reduce your taxable income to $24,900.
However, you must itemize and the amount of your itemized deductions must be greater than your standard deductions.

Also, the rules have tightened on donations and their values. Get donation receipts and figure out the current fair market value of the donated items. (You don't get to write off the purchase price, only the depreciated value.)

Answer 2

You can deduct charitable contributions only if you itemize. Then you don't get dollar for dollar back - it's a deduction, not a credit. This means that if you donate a $100 camera, then $100 would be subtracted from your income before your taxes are calculated. If you are in a 15% bracket, that would save you $15 on your taxes.

Your deduction isn't the original price of the item, it's the fair market value at the time you donate it.

Answer 3

No. It would reduce your taxable income. For example, if you are in the 15% bracket, a $100 charitable donation would save you $15.
Also, the value of the camera is what it would sell for at a second hand store, not what you paid for it.

Answer 4

No, the donations you make reduce your taxable income, which lowers your tax liability

You do not get a dollar for dollar refund

Publication 526
http://www.irs.gov/publications/p526/index.html

Answer 5

No, all donations get phasedout someway....if you give back too much to charity some of it can actually rollover to next year!