Filing my taxes (1 Viewer)

[porkins]

I'm adding in clothing that was donated as a non-cash deduction.

Taxact is asking "


Method used to determine FMV:
Not sure what to write so as to not raise any eyebrows at IRS.

 

[Parrothead]

I use TurboTax and it helps you determine FMV for all non-cash donations

 

[eoMMan]

What value are you estimating them at?

Thrift shop value is usually fine for the method.

 

[Mr. Ected]

Wild guess.

 

[johnnycakes]

"thrift shop value".

 

[Juxtatarot]

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.

 

[Kraft...]

$50-$100 per trash bag full of cloths is what I've been told by a buddy that does taxes

 

[larch]

$50-$100 per trash bag full of cloths is what I've been told by a buddy that does taxes

That sure is a lot of cloths.

 

[urbanhack]

I just put the max in every year. $500.

 

[Mr. Ected]

$50-$100 per trash bag full of cloths is what I've been told by a buddy that does taxes

That sure is a lot of cloths.

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!!

 

[Steve Tasker]

Another vote for "thrift shop value"

 

[larch]

$50-$100 per trash bag full of cloths is what I've been told by a buddy that does taxes

That sure is a lot of cloths.

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!!

 

[Kraft...]

$50-$100 per trash bag full of cloths is what I've been told by a buddy that does taxes

That sure is a lot of cloths.

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!!

This, I have three daughters. Crazy amounts of cloths

 

[shuke]

$50-$100 per trash bag full of cloths is what I've been told by a buddy that does taxes

Seems scientific.

 

[shuke]

I'm adding in clothing that was donated as a non-cash deduction.

Taxact is asking "


Method used to determine FMV:
Not sure what to write so as to not raise any eyebrows at IRS.

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]

I'm adding in clothing that was donated as a non-cash deduction.

Taxact is asking "


Method used to determine FMV:
Not sure what to write so as to not raise any eyebrows at IRS.

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.

Wait...people are actually taking the time to itemize things one by one instead of just taking the max?

 

[skol asylum]

There is no "max" is there? I thought $500 was just the safe number to keep them from looking at you.

 

[Juxtatarot]

I'm adding in clothing that was donated as a non-cash deduction.

Taxact is asking "


Method used to determine FMV:
Not sure what to write so as to not raise any eyebrows at IRS.

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.

Wait...people are actually taking the time to itemize things one by one instead of just taking the max?

Taxes is one of those topics that I have no idea when someone is joking.

 

[Poke_4_Life]

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.

 

[shuke]

I'm adding in clothing that was donated as a non-cash deduction.

Taxact is asking "


Method used to determine FMV:
Not sure what to write so as to not raise any eyebrows at IRS.

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.

Wait...people are actually taking the time to itemize things one by one instead of just taking the max?

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]

There is no "max" is there? I thought $500 was just the safe number to keep them from looking at you.

Max is 50% of your gross income.

 

[Dan Lambskin]

I forget is the $500 max each for monetary donations and clothing donations, or $500 combined?

 

[jon_mx]

• 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]

I forget is the $500 max each for monetary donations and clothing donations, or $500 combined?

$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.

 

[jon_mx]

I forget is the $500 max each for monetary donations and clothing donations, or $500 combined?

$500 is not the limit, but is the level at which more detail is required.

If the total of non-cash donations for the year is over $500 and under $5,000.01 then more information must be listed: full address of the charity and a description on how the current value was determined (independent appraisal, looking at comparable sales, using the thrift shop value or...)

As Shuke said, you can have charitable contributions up to half of your income.

 

[Guinis72]

I have a blank receipt from Goodwill and use FMV. I previously had the amount at $350 but think I'll have to jump that up to $500 tonight! I listed "clothes, household items" as the description.