Should I file a long form 1040 and itemize my charitable contributions?

Question

I recently donated about 14 bags of cloths to the Salvation Army. All of the cloths were in great condition amd some of them were even brand new. I used the valuation guide the Salvation Army had for donated items and it looks like I donated about $2,300.00 worth of clothing. I normally file a 1040EZ as I do not own a home or have intrest on any accounts to claim. Would I benefit by itemizing these contributions? More specifically would I get more money back itemizing rather than taking the standard deduction on the 1040EZ?

Answer 1

Your standard deduction would be $5350. If your total itemized deductions, including the donation, is over that amount, then you could itemize - otherwise, just file your 1040EZ like you usually do.

Answer 2

Even if you do have enough other itemized deductions like, property taxes, sales tax, mort. interest, etc. you would have to meet the requirements in order to take the $2300 deduction.
1.) Written acknowledgment for the charitble organization is required. The acknowledgement must describe the property contributed and give name and location where the goods were donated. It must also state whether anything was givin in return, if so how much it was worth.
2.) The Taxpayers records must show how the property was acquired, the date acquired and how much it cost. If you can't provide this you must have an explanation attached to the return.

The form you would fill out, besides Sch. A is form 8283.

Answer 3

I'm not sure what the valuation guide said, but typically used clothing is valued by the bag, not by the item. A bag of used clothing, even if some were new, would be about $20 to $30.

Answer 4

Unless you have a significant amount of other itemized deductions (e.g., medical expenses) your standard deduction ($5150 for a 2006 single filer) will be more than the $2300 you've donated.

Answer 5

bypass to the submit workplace, A federal workplace, IRS workplace and get the ideal 1040 type to record your taxes. there's a step by ability of step technique for recording suggestions and what that suggestions could desire to incorporate. as quickly as the variety has been crammed the tax table will confirm what tax is owed, what has been deducted and credited and what's overpaid or owed.