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Filing my taxes (1 Viewer)
- Thread starter porkins
- Start date
Parrothead
Footballguy
I use TurboTax and it helps you determine FMV for all non-cash donations
johnnycakes
Footballguy
"thrift shop value".
Juxtatarot
Footballguy
I've used online price guides like this Salvation Army one. I thought the IRS published one but I can't seem to find it now.
That sure is a lot of cloths.$50-$100 per trash bag full of cloths is what I've been told by a buddy that does taxes
Mr. Ected
Footballguy
Little kids growing through stuff adds up quickly. Funny how you end up with more girls stuff than boys. They seem to take care of clothes better!!That sure is a lot of cloths.$50-$100 per trash bag full of cloths is what I've been told by a buddy that does taxes
Steve Tasker
Footballguy
Another vote for "thrift shop value"
Little kids growing through stuff adds up quickly. Funny how you end up with more girls stuff than boys. They seem to take care of clothes better!!That sure is a lot of cloths.$50-$100 per trash bag full of cloths is what I've been told by a buddy that does taxes
Kraft...
Footballguy
This, I have three daughters. Crazy amounts of clothsLittle kids growing through stuff adds up quickly. Funny how you end up with more girls stuff than boys. They seem to take care of clothes better!!That sure is a lot of cloths.$50-$100 per trash bag full of cloths is what I've been told by a buddy that does taxes
shuke
Black Ice Skeptic
Seems scientific.$50-$100 per trash bag full of cloths is what I've been told by a buddy that does taxes
shuke
Black Ice Skeptic
You can use itsdeductible.com for free even if you are not using turbotax. It will help you break it down by item type and will have values in there.
urbanhack
Fight The Power!
Wait...people are actually taking the time to itemize things one by one instead of just taking the max?
skol asylum
Footballguy
There is no "max" is there? I thought $500 was just the safe number to keep them from looking at you.
Juxtatarot
Footballguy
Poke_4_Life
Footballguy
Most places that pick up that stuff and leave a little card say "Max value of items $250".
All my cards are estimated at between $240 and $249.75 using Itsdeductible.
All my cards are estimated at between $240 and $249.75 using Itsdeductible.
shuke
Black Ice Skeptic
Yes, because using this you can easily go over the "max". The $500 limit you are referring to is only if you do not want to fill out form 8283.
As has been said, people with kids can donate a crapload.
shuke
Black Ice Skeptic
Dan Lambskin
Footballguy
I forget is the $500 max each for monetary donations and clothing donations, or $500 combined?
- Receipts issued by the charity are required to be in your possession before filing your tax return in order to allow you to take a tax deduction.
For monetary donations under $250 a canceled check, payable to the charity, may serve as a receipt.
Cash (currency) donations without a receipt are not deductible.
Clothing and household items left for "Goodwill" without retaining a receipt, are not deductible.
Donations by C-corporations are severely limited, therefore most charitable giving should be done by individuals, via form 1040 as an itemized deduction on Schedule A (donations through partnerships, S-corporations, LLC's may pass through to form 1040, Schedule A).
Steve Tasker
Footballguy
$500 is the non-cash donation maximum if you don't file Form 8283. If you deduct more than $500 of non-cash donations in a year, you need to file Form 8283.
Claiming $500 or less doesn't "keep [the IRS] from looking at you", like an above poster commented. It just means you don't have to file an extra form.
$500 is not the limit, but is the level at which more detail is required.
As Shuke said, you can have charitable contributions up to half of your income.
