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#3
04-14-2005, 04:50 PM
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 Re: Question about cost basis and charity from Cheap Mom "Phil Marti" <prm20871[at]verizon.net> wrote: - quote - > "Angrie.Woman" <spamspameggsbaconandspam[at]spam.com> wrote:
Actually, I don't mind that, because I'm not paying him for> > My hobby is couponing. Grab coupons, run around and get deep > > discounts. Lots of times, I end up with so many "free > > toothbrushes" that I donate them to charity. > > > I have always been under the impression that I could not > > deduct these "toothbrushes" because I had zero cost. > You're correct. Consider the lousy tax advice when > considering your future relationship with the financial > advisor. tax advice. I'm paying him for investment advice. He did OK there... However, he lost me when he got really huffy over Harlan's reply. Especially because the whole issue just came up in casual conversation. I'm digging through the regs now so I can (hopefully) quote him chapter and verse. Now that he's offended, I figure I might as well go all the way with it. Thanks for the response - I know you guys are busy! A Moderator: Rule 97: When your being right irritates someone, go for the jugular! << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#2
04-13-2005, 07:11 PM
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| Re: Question about cost basis and charity from Cheap Mom "Harlan Lunsford" <hlunsford[at]bellsouth.net> wrote: - quote - > Angrie.Woman wrote:
Thanks! I should have clarified that our old CPA always told> > My hobby is couponing. Grab coupons, run around and get deep > > discounts. Lots of times, I end up with so many "free > > toothbrushes" that I donate them to charity. > > > I have always been under the impression that I could not > > deduct these "toothbrushes" because I had zero cost. > > > A financial planner is telling us that we can deduct them, > > because they are gifts. He is also saying we could even > > deduct the full $3.00 retail amount, which makes no sense to > > me because I don't think that any thrift store of second > > hand store in the area could get $3 for a toothbrush, even > > if WalMart does. > > > I know you're busy, but I would appreciate any quick > > opinions on this. > Financial planners are good at what they do, i.e financial > planning. Use a tax professional to get tax advice. > In short, if you have no cost (basis) in said toothbrushes, > don't deduct them, let alone fair market value, since these > are not capital gain items. us we couldn't deduct them - that's where I got the impression from. Right now, we don't have anything to itemize, so we're doing it ourselves this year. Thank you for the response! Angela << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
04-13-2005, 05:16 PM
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| Re: Question about cost basis and charity from Cheap Mom "Angrie.Woman" <spamspameggsbaconandspam[at]spam.com> wrote: - quote - > My hobby is couponing. Grab coupons, run around and get deep
You're correct. Consider the lousy tax advice when> discounts. Lots of times, I end up with so many "free > toothbrushes" that I donate them to charity. > I have always been under the impression that I could not > deduct these "toothbrushes" because I had zero cost. considering your future relationship with the financial advisor. -- Phil Marti Clarksburg, MD << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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04-12-2005, 09:33 PM
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| Re: Question about cost basis and charity from Cheap Mom Angrie.Woman wrote: - quote - > My hobby is couponing. Grab coupons, run around and get deep
Financial planners are good at what they do, i.e financial> discounts. Lots of times, I end up with so many "free > toothbrushes" that I donate them to charity. > I have always been under the impression that I could not > deduct these "toothbrushes" because I had zero cost. > A financial planner is telling us that we can deduct them, > because they are gifts. He is also saying we could even > deduct the full $3.00 retail amount, which makes no sense to > me because I don't think that any thrift store of second > hand store in the area could get $3 for a toothbrush, even > if WalMart does. > I know you're busy, but I would appreciate any quick > opinions on this. planning. Use a tax professional to get tax advice. In short, if you have no cost (basis) in said toothbrushes, don't deduct them, let alone fair market value, since these are not capital gain items. ChEAr$$$, Harlan Lunsford, EA n LA 11 Apr 2005 just discovered last signature cut and paste had been supplanted by a baseball roster for tonight's game. Sorry 'bout that. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
04-11-2005, 09:46 PM
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| Question about cost basis and charity from Cheap Mom My hobby is couponing. Grab coupons, run around and get deep discounts. Lots of times, I end up with so many "free toothbrushes" that I donate them to charity. I have always been under the impression that I could not deduct these "toothbrushes" because I had zero cost. A financial planner is telling us that we can deduct them, because they are gifts. He is also saying we could even deduct the full $3.00 retail amount, which makes no sense to me because I don't think that any thrift store of second hand store in the area could get $3 for a toothbrush, even if WalMart does. I know you're busy, but I would appreciate any quick opinions on this. Angela angrie-woman-at-gmail-com dashes to dots << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| basis, charity, cheap, cost, mom, question |
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