Bill wrote:
- quote -

(snipped)

It should be noted that when one is considering the
possibily of itemizing deductions or not, don't just
consider the federal standard deduction as a benchmark.
Some states, like Alabama, allow one to itemize whether or
not one does on the federal return. Still others, e.g.
Georgia, make you do the same on their return as on federal.
And federal allows one to select itemizing even to the
detriment of federal tax liability. So, if two senior
citizens had 9,000$ in deductions, they might choose to
itemize even though that is less than federal standard
deduction. they would suffer a hit in the federal tax
area, but possibly save on the Georgia return.

Hmmmm, that won't usually be the case though, since Georgia
seniors get such a large retirement income exclusion. But
it's sound strategy for all others to weigh the options.

Christmas Cheer$ and Deductions$,
Harlan Lunsford, EA n LA

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Russ wrote:

- quote -

If your TOTAL non-cash contributions do not exceed $500 then
no additional reporting is required. However, you should
have prepared an itemized list, including estimated resale
value, and attached it to the blank receipt. Some
additional reporting is requited if the total non-cash
contributions are up to $5000 and no individual ITEM is more
than $500, but I couldn't say that even that would be a red
flag.

Besides, bulls are colorblind. "Red flag", indeed.

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Russ posted:

- quote -

What you should always do -- if you foresee *any*
possibility of itemizing deductions -- is to make a list of
items being donated. At that time, it is easiest to
estimate their "approximate resale value" (which you can
verify by visiting a Goodwill or similar store). And you
should make note of your best estimate of that value at the
time of donation. Keep this with your tax records, and it
is generally accepted as support for the charitable gift.

Most charities routinely provide a blank receipt, but if you
deliver your donated goods yourself, many will sign
(initial) your *prepared list* of items you are donating --
although most will not give you an answer on the worth or
value.

As to your final question, if you had done what is
recommended above, your behind would be covered. Nuff said?

Bill

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I donated a big bag of clothes and a camcorder and some
kitchen appliances and lotsa things like that to the
Goodwill earlier this year. I got a blank receipt from
them. I have no idea how much it all was worth and dont
even remember all the items anymore. How much can I claim
safely without raising red flags? $499? If I had to guess
I would guess it was between $300-$500 worth of stuff. What
should I do to cover my behind also?

Thanks

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