I have a couple of storage units that have been holding many items we no longer use and thought about donating them to Goodwill, Salvation Army, etc. What I need to know is if we can claim the donations on our taxes, we file 1040 with a Schedule C. Is there an additional form where we can take this deduction or can it be deducted on our Schedule c? Thanks for any assistance I can get on this.
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Donations on Tax Forms
- Thread starter trucker55
- Start date
Donations on Tax Forms
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I have a couple of storage units that have been holding many items we no longer use and thought about donating them to Goodwill, Salvation Army, etc. What I need to know is if we can claim the donations on our taxes, we file 1040 with a Schedule C. Is there an additional form where we can take this deduction or can it be deducted on our Schedule c? Thanks for any assistance I can get on this.
Hi Trucker55
Goodwill or any charity are not a deductible item allowed on a Scheducle C,
Charitable non-contributions must use form 8283, which inturn will transfer to Sch A, Itemized Deductions.
If you do not have $11,000 in total of itemized deductions then the contribution will not be deducted and the standard deduction will be used, Like on your 2007 return it was
$ 10,700.00.
Whatever is given just a reciept for them put in bags and dropped at Goodwil or other is not enough according to the new law that went into effect August 15, 2007.
Receipts, Pictures of your donations with a listing and approx price paid for the items, where, when and condition, Any item that is not in good or better condition can not be deducted. If it is broken, has holes, or any type of damage, it cannot be given and taken as a deduction.
This has to be completed on form 8283, if you do your own taxes, and you use a tax software it will carry forward to the Sch A. if you complete your information by you own figures, you must put on line 17 Sch A Non Cash Contribution 1/3 of the amount of the FMV (fair market Value) using Its Deductible for a reference or a listing from The Goodwill or any other charity retail store as the fair market value.
In order for the Sch A to be used, it must be a total of over the standard deduction in order to get the deduction.
Refer to IRS Publication 526 Contributions to Charity
Franklin Katz, ATP, PA, CPB
Franks Tax & Business Service
120 York Rd
Kings MOuntain, NC 28086-3151
(704) 739-4039
This email (including any attachments) contains PRIVILEGED AND CONFIDENTIAL INFORMATION protected by federal and/or state law and is intended only for the use of the individual(s) or entity(ies) designated as recipient(s). The information contained within this email should not be construed as tax advice. If you are not an intended recipient of the email, you are hereby notified that any disclosure, copying, distribution, or action taken in reliance on the contents of this email is strictly prohibited. Disclosure to anyone other than the intended recipient does not constitute a waiver of any applicable privilege. If you have received this email in error, please immediately notify us by phone at (704-739-4039or by email at [email protected] and then permanently delete the original and any copy of this email (including any attachments) and destroy any printout thereof.
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I have a couple of storage units that have been holding many items we no longer use and thought about donating them to Goodwill, Salvation Army, etc. What I need to know is if we can claim the donations on our taxes, we file 1040 with a Schedule C. Is there an additional form where we can take this deduction or can it be deducted on our Schedule c? Thanks for any assistance I can get on this.
Hi Trucker55
Goodwill or any charity are not a deductible item allowed on a Scheducle C,
Charitable non-contributions must use form 8283, which inturn will transfer to Sch A, Itemized Deductions.
If you do not have $11,000 in total of itemized deductions then the contribution will not be deducted and the standard deduction will be used, Like on your 2007 return it was
$ 10,700.00.
Whatever is given just a reciept for them put in bags and dropped at Goodwil or other is not enough according to the new law that went into effect August 15, 2007.
Receipts, Pictures of your donations with a listing and approx price paid for the items, where, when and condition, Any item that is not in good or better condition can not be deducted. If it is broken, has holes, or any type of damage, it cannot be given and taken as a deduction.
This has to be completed on form 8283, if you do your own taxes, and you use a tax software it will carry forward to the Sch A. if you complete your information by you own figures, you must put on line 17 Sch A Non Cash Contribution 1/3 of the amount of the FMV (fair market Value) using Its Deductible for a reference or a listing from The Goodwill or any other charity retail store as the fair market value.
In order for the Sch A to be used, it must be a total of over the standard deduction in order to get the deduction.
Refer to IRS Publication 526 Contributions to Charity
Franklin Katz, ATP, PA, CPB
Franks Tax & Business Service
120 York Rd
Kings MOuntain, NC 28086-3151
(704) 739-4039
This email (including any attachments) contains PRIVILEGED AND CONFIDENTIAL INFORMATION protected by federal and/or state law and is intended only for the use of the individual(s) or entity(ies) designated as recipient(s). The information contained within this email should not be construed as tax advice. If you are not an intended recipient of the email, you are hereby notified that any disclosure, copying, distribution, or action taken in reliance on the contents of this email is strictly prohibited. Disclosure to anyone other than the intended recipient does not constitute a waiver of any applicable privilege. If you have received this email in error, please immediately notify us by phone at (704-739-4039or by email at [email protected] and then permanently delete the original and any copy of this email (including any attachments) and destroy any printout thereof.