I found you through your blog, but could not figure out how to post my question there.
I am changing out furniture that has long since been depreciated. If I donate it to a certified/licensed charity (Goodwill/Red Cross, etc.) will I be able to deduct any value, and if so what or how would such value be determined?
Also, if I find the need to hire a liquidator to transport the furniture to said charity, would those charges be a write off also?
Hope you can get to this, and thanks for your time.
Douglas Parent
4 comments:
Douglas, you can absolutely deduct the amoount of donation you give to the charity including in-kind charity. That means that if you donate, clothes, furniture accessories etc, you can take the FMV or fair market value of the donated item on your return. If your total deduction for all noncash contributions for the year is over $500, you must complete Section A of Form 8283, and attach it to your Form 1040. If the non cash contributions such as clothing and household items are not in good used condition, then you must include with your return a qualified appraisal of any single donated item of clothing or any donated household item that is not in good used condition or better and for which you deduct more than $500.
Goood luck donating
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Fast response, thank you!
Because I'm ever so grateful to take advantage, please allow me to ask about the issue of deducting the costs for getting said donations to the proper destination.
Again, thanks,
Doug
Douglas, logically speaking the cost associated with the move of the household items should be added to the total fair market value of the donated item. I personally feel that you can take the deduction as long as it is a reasonable amount.
Hello. I would like to know if there is a way to pay my credit cards with money I receive on stocks I sell without having to deposit the money into my checking account first. I don't know the legalities of this is, but I know there are different legal ways of managing money. I have plans to put some of it into CDs or a Roth account for my son also and I imagine this can be done through my bank with some of the money before depositing it. Thank you for your help.
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