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Charity tax deductions....

I'm donating everything my son grew out of like his toys and clothes. I know you can also use donations as a tax deduction. Are they any exclusions because I can save the hassle and just yard sale it and ebay.

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Asked by mama28th at 10:45 AM on Jul. 16, 2009 in Money & Work

Level 2 (10 Credits)
Answers (3)
  • Make sure you get a detailed description of the items you donate and the name and address of the charity. As long as it is legally recognized as a non-profit charity you should be ok with toys, clothes, home items, etc. The paper should also include the estimated value. Take it with you when you file your taxes and your preparer will know what to do.

    Answer by jaybird110 at 12:19 PM on Jul. 16, 2009

  • Several things. 1. You must be able to itemize your deductions in order to benefit from the charitable deduction. 2. Keep receipts. While the chance of an audit is quite slim, the tax law does require you to be able to prove your donations if over a certain amount. So it's best just to keep all your reciepts. 3. Like the previous poster said, it needs to be a recognized charity, usualy goodwill and salvation army type places will provide you with a receipt letting you know that they quaify and the FMV of your donation.

    Answer by Anonymous at 2:16 PM on Jul. 16, 2009

  • They even want photos now to prove that the stuff is in good shape when you donate it. Also if you take the standard deduction you won't get extra. You only get extra if you itemize. I donate all the time. I hate putting anything useful in the garbage. And I really don't care about the deduction, but that is how it works.

    Answer by LoveMyDog at 2:30 PM on Jul. 16, 2009

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