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| *Ostroff, Fair and Company>>>United States Taxes |
How do you file taxes on thrift store donations? |
How do you file taxes on thrift store donations? If the value of these donations are less than $500 in total (that means all of your thrift store donations, plus any other non-cash contributions you made, are less than $500) you can just show the total value on Schedule A in the box underneath where you show your cash contributions. If the value is over $500, but less than $5,000, you will need to fill out page one of Form 8283. You can get the form and instructions on www.irs.gov. If the value is over $5,000 you may need to have the item appraised, and you will need to complete page two of Form 8283. If it has gotten to this point you WILL need to engage the services of a competant tax professional. If you don't have receipts, list them in increments under $250. Turbo tax (for a fee) has "It's Deductable" which you can use to determine the items worth. IRS.GOV also has the same charts, it's just not interactive. www.irs.gov www.intuit.com Those donations are only deductible if you itemize on your return (using Schedule A). If you take the standard deduction, you can't deduct them. And also, beginning in 2007, you will have to have a receipt for any donation, no matter what the amount,look on "what's new for 2007" tax returns! |
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