Charitable Giving Information

Posts Tagged ‘deductions’

Donations Tax Deduction Clothing

Making a charitable donation is a noble act. Charity need not be just with money. It can also be done by donating objects like clothes, furniture, cars and just anything. Cars are donated to the recipients directly or they are sold and the money is given away as charity. Many people prefer to donate used cars for helping the community.

There are many charitable organizations that accept cars as a donation. These cars need not be in running conditions to be donated. The cars are generally sold or auctioned and the proceeds are used for charity work. There are some organizations that accept car donations, sell the cars and give the proceeds to other charitable organizations.

Donating a car is a noble gesture. It is also a good tool for reducing tax payments. Car donation to an approved 501(C)3 charity organization is tax deductible under certain clauses. These are applicable for all kinds of cars. You can claim the car’s fair market value if the car is worth less than $500 or it is in good working condition. You can claim deduction equal to the actual sale price of the car is the car is worth more than $500. However, before donating, ensure that the donation program is a qualified, 501(c)3 IRS registered charity since only such programs are eligible for tax deductions. Information about such charity programs can be obtained from the IRS website or in the Publication 78 that is available at most public libraries. If the total donation is more than $500, then a separate form (8283) has to be filled. Donating a car for tax purposes requires itemized deductions on the personal tax return.

Determine the value of the car meant for donation. This can be done by checking the blue book value. Take the condition of the car into consideration while determining its value. Most charity organizations take donated cars for free, but there are some which charge certain fees. Make sure you have the title for the car.

Most charity organizations that accept car donations also provide other services like free vehicle pick-up, easier/hassle-free paperwork and easy online application forms. The donations can also be made to your preferred charities. These days, making a charity car donation has become very easy with online application forms and faster processing. The whole process takes just 2-3 days. Car charity organizations can be located online over the internet or they can also be found in yellow pages or through advertisements.

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Charity Car Donations provides detailed information on Charity Car Donations, Child Charity Car Donations, Catholic Charity Car Donations, Used Car Charity Donations and more.

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Clothing Donations Tax Deductions

Question: What type of donations are LEGALLY tax deductable?

Please kindly advise the type of donations to charity that are tax deductable? I’m thinking of donating a used car and some used clothes and used computers. Are this deductable. And what will i get on the deductions? Will i get the current value?
Also please tell me what else we do in our daily lives that are tax deductable.
Please advise.

Answer: Donations can only be deductible if they are made to authorized non-profit charities, and you need a receipt to prove it. There are literally thousands of types of tax deductions. You should look at what is relevant for you at the IRS website.

Charity Navigator's Tax Tips: Noncash Donations

Donations Goodwill Tax Deduction

Question: Good will donations for tax deductions?

Ok, so I over the past 2 years I’ve dropped off HUGE bags of clothes and other odds and ends at Goodwill and have always gotten a receipt. The person would just date and sign it and I have to fill in the rest. Conceivable all the things donated are worth well over several thousands of dollars brand new, so used I would cut it in half. (?) But, how much is too much to claim? And is there a limit to how much, or a minimum before I can claim anything?

Also, my husband and I do our taxes online through this site strictly for military, how would I incorporate these deductions when we fill everything out?

Answer: You need to keep in mind two things. 1, in order to be able to take the deduction you need to be itimizing your deductions. 2, retail price for cloths takes into account brand names and fashion. That doesn't apply when you donate.

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Donations Tax Deductions

Question: What are some common tax deductions?

I recently bought a house, so I now itemize my tax returns. My finances are very simple. Can I write off student loan interest? medical expenses not covered by insurance? I do charitable donations, but am trying to get more creative. What about work clothes (suits)? Laptop (if I use it for work from time to time)?

Answer: The itemized schedule of deductions form will walk you through the possible deductions you can take. You can deduct interest paid on your home, but not other interest. You can deduct medical expenses that you paid out of pocket, but only to the extent that they exceed 7.5% of your adjusted gross income. Charitable donations are allowed. Work clothes are only deductible if they could only be worn in your job. (So most uniforms are deductible, regular clothing you could wear off the job is not deductible). Work expense, such as computer or home office has to be completely for work only in order to deduct. There are also some rather specific things, such as self-employed health insurance premiums, some student loan interest, certain qualifying child care expenses.

With a simple finance situation, you can easily do this by yourself if you read the instructions.

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Donate Clothing Tax Deduction

Question: Donations and tax deductions?

Can I donate items of clothing $500.00 one day and then again totaling $500.00 in the same year? The clothing and shoes I am donating are very nice and expensive. It seems like I can not because of this link I read.

You cannot take a deduction for household goods donated after August 17, 2006, unless they are in good used condition or better. A household good that is not in good used condition or better for which you take a deduction of more than $500 requires a qualified appraisal. See Deduction over $500 for certain clothing or household items, later.

Deduction over $500 for certain clothing or household items. You must include with your return a qualified appraisal of any single item of clothing or any household item that is not in good used condition or better, that you donated after August 17, 2006, and for which you deduct more than $500. See Household Goods and Used Clothing, earlier.

http://www.irs.gov/publications/p561/ar02.html#d0e556

Answer: You can't just split the donations across days. The $500 is for the year.

Also, be aware that you can only deduct the amount the items would be sold for at a thrift shop, even if they are very nice, and expensive.

Tax Tips: Charitable Contributions - March 09