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#14
12-07-2003, 10:01 PM
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 Re: Tax deduction for donated clothing, etc. Is there a limit ? JH <shatzmatz[at]yahoo.com> wrote: - quote - > Friend of my writes me the following, and I would urgent be
I have aboslutely no idea what you said, but already it> looking for your knowledge if the behavior is accepted.(the > no. and circumstances are revised) > I can ask for only $100 and donate the rest (500.00 value > FMV-verified) in the name of the buyer. This way, everyone, > me donor and the IRS are all happy. The ORG. would gladly > asses the collection at $500++ as well (which it is anyway)/ > So there's no fraud involved, just good ol american tax > shelter. So if you're serious.... smells. If you will donate something with FMV of 100, and you can establish that FMV, then your deduction is 100. The establishment of value for gifts under $5000 is strictly up to you and is not up to the organization. The organization describes the gift and you establish its value. So the description should be detailed and accurate. __ Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#13
12-04-2003, 05:10 AM
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| Re: Tax deduction for donated clothing, etc. Is there a limit ? Friend of my writes me the following, and I would urgent be looking for your knowledge if the behavior is accepted.(the no. and circumstances are revised) I can ask for only $100 and donate the rest (500.00 value FMV-verified) in the name of the buyer. This way, everyone, me donor and the IRS are all happy. The ORG. would gladly asses the collection at $500++ as well (which it is anyway)/ So there's no fraud involved, just good ol american tax shelter. So if you're serious.... << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#12
12-01-2003, 04:44 PM
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| Re: Tax deduction for donated clothing, etc. Is there a limit ? "John D. Goulden" <jgoulden_news[at]goulden.org> writes: - quote - > Is form 8283 what I need to list the donation of an
Yes.> automobile (value approximately $1000) this year? Phil Marti Topeka, KS << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#11
12-01-2003, 04:44 PM
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| Re: Tax deduction for donated clothing, etc. Is there a limit ? "D. Stussy" <kd6lvw[at]bde-arc.ampr.org> writes: - quote - > Phil! IRC 170(d)(1)
I totally forgot the AGI limitations and was just thinking> If there were no limit, there would be no carryover > provision. :-) about a $$ cap on that particular type of deduction. Glad others remembered. Phil Marti Topeka, KS << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#10
12-01-2003, 04:44 PM
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| Re: Tax deduction for donated clothing, etc. Is there a limit ? - quote - > > If a single donation exceeds $250, you need a receipt
Yes.> > stating that you recieve no benefit in return for the > > donation. > > > If total non-cash donations exceed $500, you need to > > file form 8283, and itemize the specifics of all > > non-cash donations, including name and address of > > the organization, date, description, your estimate > > of fair market value, and your method of estimation. > Is form 8283 what I need to list the donation of an > automobile (value approximately $1000) this year? Be prepared to prove the fair market value of the car. The blue Book is a starting point, but the condition of the car is very important. Photos of the car are useful. A statement in the receipt signed by the recipient describing the car in detail (condition, mileage, extra features, etc.) is very useful. The IRS is aware that many people donate junkers and claim blue book, and has said they will be cracking down on this. __ Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#9
11-30-2003, 01:59 AM
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| Re: Tax deduction for donated clothing, etc. Is there a limit ? - quote - > > If a single donation exceeds $250, you need a receipt
Yes.> > stating that you recieve no benefit in return for the > > donation. > > > If total non-cash donations exceed $500, you need to > > file form 8283, and itemize the specifics of all > > non-cash donations, including name and address of > > the organization, date, description, your estimate > > of fair market value, and your method of estimation. > Is form 8283 what I need to list the donation of an > automobile (value approximately $1000) this year? << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#8
11-30-2003, 01:21 AM
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| Re: Tax deduction for donated clothing, etc. Is there a limit ? "John D. Goulden" <jgoulden_news[at]goulden.org> writes: - quote - > Is form 8283 what I need to list the donation of an
Yes.> automobile (value approximately $1000) this year? Phil Marti Topeka, KS << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#7
11-30-2003, 01:21 AM
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| Re: Tax deduction for donated clothing, etc. Is there a limit ? "D. Stussy" <kd6lvw[at]bde-arc.ampr.org> writes: - quote - > Phil! IRC 170(d)(1)
I totally forgot the AGI limitations and was just thinking> If there were no limit, there would be no carryover > provision. :-) about a $$ cap on that particular type of deduction. Glad others remembered. Phil Marti Topeka, KS << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#6
11-30-2003, 01:21 AM
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| Re: Tax deduction for donated clothing, etc. Is there a limit ? - quote - > > If a single donation exceeds $250, you need a receipt
Yes.> > stating that you recieve no benefit in return for the > > donation. > > > If total non-cash donations exceed $500, you need to > > file form 8283, and itemize the specifics of all > > non-cash donations, including name and address of > > the organization, date, description, your estimate > > of fair market value, and your method of estimation. > Is form 8283 what I need to list the donation of an > automobile (value approximately $1000) this year? Be prepared to prove the fair market value of the car. The blue Book is a starting point, but the condition of the car is very important. Photos of the car are useful. A statement in the receipt signed by the recipient describing the car in detail (condition, mileage, extra features, etc.) is very useful. The IRS is aware that many people donate junkers and claim blue book, and has said they will be cracking down on this. __ Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#5
11-25-2003, 04:19 AM
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| Re: Tax deduction for donated clothing, etc. Is there a limit ? - quote - > If a single donation exceeds $250, you need a receipt
Is form 8283 what I need to list the donation of an> stating that you recieve no benefit in return for the > donation. > If total non-cash donations exceed $500, you need to > file form 8283, and itemize the specifics of all > non-cash donations, including name and address of > the organization, date, description, your estimate > of fair market value, and your method of estimation. automobile (value approximately $1000) this year? -- John Goulden << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#4
11-25-2003, 04:00 AM
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| Re: Tax deduction for donated clothing, etc. Is there a limit ? - quote - > > We are in the process of moving and we donated tons of used
Phil! IRC 170(d)(1)> > stuff to the charity organization, the last I calculated it > > reaches $2,000. We knew that we can file tax deduction on > > donated stuff, but we were wondering is there a maximum tax > > deduction allowed ? > No. Make sure you follow the documentation requirements. If there were no limit, there would be no carryover provision. :-) << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#3
11-23-2003, 11:11 PM
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| Re: Tax deduction for donated clothing, etc. Is there a limit ? Vinny wrote: - quote - > We are in the process of moving and we donated tons of used
typle of charity. (For used clothing, which is almost certainly> stuff to the charity organization, the last I calculated it > reaches $2,000. We knew that we can file tax deduction on > donated stuff, but we were wondering is there a maximum tax > deduction allowed ? > 1. Total charitible contributions are limited to 20-50% of AGI (Adjusted Gross Income), depending on the type of donation and worth less than your basis, it's 30-50%.) - quote - > 2. See the instructions for form 8283 as to excatly what supporting documentation you need. My recollection is: If a single donation exceeds $250, you need a receipt stating that you recieve no benefit in return for the donation. If total non-cash donations exceed $500, you need to file form 8283, and itemize the specifics of all non-cash donations, including name and address of the organization, date, description, your estimate of fair market value, and your method of estimation. If a single "item" exceeds $500 (and I haven't checked whether an "item" is what a reasonable person would call an "item", or whether it could include a bag of clothing), you have more requirements. If a single item exceeds $5000, there are still further requirements. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#2
11-23-2003, 10:52 PM
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| Re: Tax deduction for donated clothing, etc. Is there a limit ? Vinny wrote: - quote - > We are in the process of moving and we donated tons of used
50% of your AGI.> stuff to the charity organization, the last I calculated it > reaches $2,000. We knew that we can file tax deduction on > donated stuff, but we were wondering is there a maximum tax > deduction allowed ? - quote - > The amount that exceeds the limit can be carried forward (ONLY) for up to 5
of the carrying time limit.years, then it dies. Current year contributions always count FIRST for purposes << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
11-23-2003, 10:33 PM
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| Re: Tax deduction for donated clothing, etc. Is there a limit ? Vinny <e2vincent[at]yahoo.com> wrote: - quote - > We are in the process of moving and we donated tons of used
adjusted gross income, although there is some carryforward> stuff to the charity organization, the last I calculated it > reaches $2,000. We knew that we can file tax deduction on > donated stuff, but we were wondering is there a maximum tax > deduction allowed ? > The fair market value of this gift plus other cash (or equivalent) gifts is limited to 50% (30% if a private foundation) of your allowed. - quote - > You must be able to demonstrate how you determined the fair market
similar lists of used items valuations is a good place to start.value of the property you donated. Perhaps Salvation Army or __ Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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11-23-2003, 10:14 PM
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| Re: Tax deduction for donated clothing, etc. Is there a limit ? - quote - > e2vincent[at]yahoo.com (Vinny) writes: - quote - > We are in the process of moving and we donated tons of used
No. Make sure you follow the documentation requirements.> stuff to the charity organization, the last I calculated it > reaches $2,000. We knew that we can file tax deduction on > donated stuff, but we were wondering is there a maximum tax > deduction allowed ? Phil Marti Topeka, KS << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
11-22-2003, 12:18 AM
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| Tax deduction for donated clothing, etc. Is there a limit ? We are in the process of moving and we donated tons of used stuff to the charity organization, the last I calculated it reaches $2,000. We knew that we can file tax deduction on donated stuff, but we were wondering is there a maximum tax deduction allowed ? Best Regards, Vincent << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| clothing, deduction, donated, limit, tax |
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