I love to read graphic novels and don't like to buy them. But some of them you can't get at the library so I was forced to buy them. Now I have a whole bunch of them. But with little room to store them. So I thought maybe I could donate them to the library, get a tax deduction, then just get them from the library if I every want to read them again.
2007-05-22 21:07:35 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Your library is almost certainly a 501(c)3 organization - assuming they are, you can take a charitable deduction for items donated if you itemize - if you don't itemize, you can't take a deduction. The amount of the deduction would be the value of the used books, nowhere near the original purchase price - probably something like $1 each for used paperback graphic novels, less in some cases, and then only if they're in good condition.
The library might or might not put the books in their collection, so you can't necessarily just take them out of the library if you want to read them again. Many libraries sell donated books at booksales.
2007-05-23 03:29:01 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
First, just because you donate to the library doesn't mean they will keep the books. They have to pick the popular books and sell the rest either as bulk or at bookfairs.
Secondly, yes you can get a tax deduction from donating books to the library. However, you are still subject to the maximum of $500 of all donated goods without having to appraise them. Also, make sure you get a donation receipt from the library that you donate to for records and tax purposes.
Just Be!
2007-05-23 04:18:33 · answer #2 · answered by MBA Don 4 · 0⤊ 0⤋
Get a receipt and in writing try to have something that establishes a dollar value for said used book.
2007-05-23 10:31:23 · answer #3 · answered by acmeraven 7 · 0⤊ 0⤋
MBA Don is correct, but the appraisal threshold is $5,000, anything over $500 goes on a form 8283.
2007-05-23 12:24:35 · answer #4 · answered by Spanky 1 · 0⤊ 0⤋