Archive for August, 2008
Clothing Donations Tax Deduction Value
August 3rd, 2008
Question: How much value can be placed on donated items (for income tax purposes)?
I am going to donate a lot of clothes, books, toys, games, movies and appliances today.
In previous years I have only donated about $300 worth of belongings and the homeowners income tax deduction was straight forward. What are the rules and conventions for larger donations?
How much value can I place on items such as books, Playstation 2 games, and DVDs?
What are the limits/rules that apply? Thanks
Michael – Is it less than $500 or less than $250?
Answer: Basically if the individual items are not valued over $500 they do not need an appraisal. If they are valued more than $500 then you will need an appraiser to sign your form 8283.
Also in both cases you need the charitable organization to sign your form 8283.
You do not need to fill out a 8283 form if your total donations are less than $250 total.
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After Deductible Mean
August 1st, 2008
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