The IRS Deductions Blog

Posts Tagged ‘charity’

Question: Federal Income Tax question – Car donation for charitable deduction?

I am a 21 yr old full time college student who is still a dependent on my mom’s tax return (she itemizes). I would like to donate my car which has a Fair Market Value of $5,000, to take advantage of the charitable deduction on my taxes. I currently have $300 in deductions without the charitable deduction.

Answer: The first two people who answered the question are correct, but they missed one point. If the charity uses the car as part of its mission (A church providing a car for the minister, etc.), then the Fair Market Value is used, but if the value is more than $5,000 you need to have it appraised. The appraisal report (don’t forget to keep a copy) must be attached to the tax return.

Now, back to reality. Your Itemized Deductions must exceed $5,700 for you to get any benefit from them. Also, even if you have other deductions that total $5,700 (meaning that the $5,000 is fully utilized), you only save a fraction of the FMV. If you are in the 15% tax bracket, the $5,000 donation would save you $750 in taxes. In other words, you are better off financially if you sell the car.

Items on Amazon Right Now for Tax Deduction Car Donation:

Community Calendar: Library book sale kicks off with preview day on Tuesday

To list an event happening in Greater Haverhill, submit no later than 10 days before The Haverhill Gazette’s Thursday publication date. Listings run as space allows. thursday, Sept. 16 Zumba Gold: Class geared toward active Baby Boomers and seniors, led by certified instructor Stephanie Smith Thursdays at 9:30 a.m. at Citizens Center, 10 Welcome St., Haverhill. $5 per session.

Car Donations-Car Charity Donations-$500 Tax Deduction PLUS $1000 GIFT CARD

Question: I cant make sense of this FAFSA question and all the help provided refers to US tax forms…?

What was your parents’ adjusted gross income for 2008 (question 86)?

Answer: Adjusted gross income (AGI) is income *minus deductions.*

How much someone earns is not the same because deductions haven’t been figured yet.

Items on Amazon Right Now for 2008 Tax Deduction Tips:

For some, tax season not yet over

You filed your federal tax return, cashed your refund check and likely aren’t thinking about ta

Tips from the IRS – 2008 tax return–don’t miss out on free money!

Question: Are entry fees into charity poker tournaments tax deductible?

Let’s say you’re playing in a tournament with a $200 buy-in. $100 of the fee goes to the charity, the other $100 goes into the cash prize pool. Is any of the $200 buy-in tax deductible?

Answer: Dear TJ: The $100 designed to go to the charity is deductible if the charity is a recognized 501C listed entity. Remember the winnings are reportable as income but if you itemize you can write off your losses up to your winnings. Be sure to get registered with the tourney officials or the casino if held at a casino.

This advice was prepared based on our understanding of the tax laws in effect at the time it was written as it applies to the facts that you provided. Click on my profile to read more. Errol Quinn Enrolled Agent

Items on Amazon Right Now for Tax Deductible Charities:

Caddy-For-A-Cure with Lee Westward

Press Release Caddy-For-A-Cure is auctioning for charity two one-day ‘inside the ropes’ caddie opportunities for the 2010 World Golf Championships-Bridgestone Invitational golf tournament. The tournament will be held Aug. 3-8 at the Firestone Country Club in Akron, Ohio.

Wolf Creek Foundation – Hill Air Force Base & charities

Question: How much should I pay for rent?

I will be making about $1900 per month BEFORE taxes and deductions. I need to know about how much I can afford to pay for rent/lease per month if I have to pay $130 per month for insurance then however much for other monthly bills. I don’t know how much these things will cost or even what I will have to pay. Please help! Oh and I am a college student and a CNA. My tuition, books, and cell phone are being paid by my parents and my car is fully paid off and new so I don’t have to worry about any of that. Or gas

Answer: General rule of thumb is that an apartment landlord/manager will want to see you bringing home 2.5-3x the amount of rent. I’ll say you bring home $1425/month (75% of $1900) which means you should qualify to rent $475 or under.

You’ll still need to budget for gas, water, electric, home phone (if you need one), internet access, cable, groceries, and life expenses (clothes, dining out, etc). $820/month is left for that, which should be doable AND you should be able to put a decent chunk away for savings.

Items on Amazon Right Now for Tax Deduction For New Car Lease:

Related Information

ISS is the municipal tax on services levied on the import and the rendering of services listed in Federal Supplementary Law 116/03.

Tax Deduction Tips & Advice : How to Use Car Lease Payments as a Tax Deduction

Question: Can I receive Tax Deductions for contributing to a charity if I am claimed as a dependent?

My parents are claiming me as a dependent on their taxes. I made a monthly tax deductible cash contribution to a charity. I was wondering if I could itemize the deductions, or if my parents could since they claim me.

Answer: No, only one can take that deduction…………Jr..

Items on Amazon Right Now for Tax Deductible Contributions:

Vermont landscape auction links city and country

The first landscape auction in the United States will give people who value Vermont’s working landscape a chance to make a direct financial contribution to the farmers and foresters who keep the state green.

Tax Deduction Tips : Tax Deductions for Cash Contributions