#16
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Quote:
In other words, if your tax bracket is 25% and the item was valued at $100 then you can deduct only $25 See what I mean? Check with your tax preparer, don't take just my word for it (everyone's situation is always a little different) but it's a all too common a mistake for people to think that they're going to receive a full price write off. Another thing, any donations valued at over $5,000 will need a professional appraisal, something that for the most part you want to avoid (unless the item is really worth a lot of dough). The appraisal will cost something and either you or the charity will need to cover this. More importantly, it raises a potential red flag with our fiends, er, friends at the IRS. Anthony |
#17
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Anthony,
Great advice! Already my accountant gets a headache at the thought of me. I'll make sure not to write in the value as more than $4,999.99 Heck, just having it out of my home and put to good use makes it worth it. Yet, with my luck 50's decor will be all the rage when I eventually sell my house! Nic |
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