Welcome to the North American Subaru Impreza Owners Club Thursday September 18, 2014
Home Forums WikiNASIOC Products Store Modifications Upgrade Garage
NASIOC
Here you can view your subscribed threads, work with private messages and edit your profile and preferences Home Registration is free! Visit the NASIOC Store NASIOC Rules Search Find other members Frequently Asked Questions Calendar Archive NASIOC Upgrade Garage Logout
Go Back   NASIOC > NASIOC Miscellaneous > Off-Topic

Welcome to NASIOC - The world's largest online community for Subaru enthusiasts!
Welcome to the NASIOC.com Subaru forum.

You are currently viewing our forum as a guest, which gives you limited access to view most discussions and access our other features. By joining our community, free of charge, you will have access to post topics, communicate privately with other members (PM), respond to polls, upload content and access many other special features. Registration is free, fast and simple, so please join our community today!

If you have any problems with the registration process or your account login, please contact us.
* Registered users of the site do not see these ads.
Reply
 
Thread Tools Display Modes
Old 03-12-2011, 07:08 PM   #1
edkwon
Scooby Specialist
 
Member#: 453
Join Date: Oct 1999
Location: 小さいӔ
Vehicle:
2014 Audi S4 B8
Metallic Gray

Default Question for Goodwill donations and tax writeoffs?

I'm in the process of housecleaning and getting rid of excess stuff (clothes, old toys, misc things) and while I've donated to goodwill before, I'm curious how things work out on the tax writeoff side.

When you donate say... a used TV in good condition and working order and Goodwill or Salvation Army lets you determine the value to write up on the donation receipt do you:

1. write off a value close to the price you purchased new

2. write off a value close to what you'd sell if for used now to a private seller

3. somewhere in between, not overly ambitious and unrealistic but also not shortchanging yourself either like a haggling private buyer would offer


Also will the IRS do 100% of your claimed donation writeoffs and if not, what is the normal cutoff or percentage cap you're allowed to write off in donation contributions.

I know if you make $100K a year and pay $30K in federal taxes, they're not going to accept $30K in claimed donations...

or are they?
* Registered users of the site do not see these ads.
edkwon is online now   Reply With Quote
Old 03-12-2011, 07:09 PM   #2
Matt A
NASIOC Vendor Manager

 
Member#: 15382
Join Date: Feb 2002
Chapter/Region: NESIC
Location: Cambridge, MA
Vehicle:
. 2005 OBXT LTD

Default

I think that if you donated a TV, its nearly fully depreciated. Fair market value is what you should put down.
Matt A is offline   Reply With Quote
Old 03-12-2011, 07:11 PM   #3
Cartmans 03_Wagon
*** Banned ***
 
Member#: 222833
Join Date: Sep 2009
Chapter/Region: NWIC
Vehicle:
. Guess who's
back. Back again.

Default

I believe the IRS would not take too kindly to you writing off $500 for a TV you donated to goodwill.
Cartmans 03_Wagon is offline   Reply With Quote
Old 03-12-2011, 07:12 PM   #4
ZMANNH25rs
NASIOC Supporter
 
Member#: 9401
Join Date: Aug 2001
Chapter/Region: NESIC
Location: Bis dat, qui cito dat...
Vehicle:
. Truth is a
pathless land...

Default

Turbo Tax itemizes it all for you...everything from sweaters to electronics and house goods. It adds up...they give you $8 for each sweater...
ZMANNH25rs is offline   Reply With Quote
Old 03-12-2011, 07:12 PM   #5
The Motel Fella
Scooby Specialist
 
Member#: 140147
Join Date: Feb 2007
Chapter/Region: TXIC
Location: League City, TX
Vehicle:
02 B12S '13 Sienna
I make minivans look hot

Default

Quote:
Originally Posted by Matt A View Post
I think that if you donated a TV, its nearly fully depreciated. Fair market value is what you should put down.
That.

You put down what you donate, end of the year you are responsible for claiming the FMV for the item.

Turbotax has a fabulous program that calculates the value for you; 32"tv we donated was $30 or so IIRC.


EDIT: I want to have ZMANN's mutant babies.
The Motel Fella is online now   Reply With Quote
Old 03-12-2011, 07:27 PM   #6
edkwon
Scooby Specialist
 
Member#: 453
Join Date: Oct 1999
Location: 小さいӔ
Vehicle:
2014 Audi S4 B8
Metallic Gray

Default

What about other charitable donations, say you went to a fundraiser, or made a cash contribution to an established charitable donation with documented receipt?

I'm asking because I have contributions in all these categories applicable to the 2011 tax year.
edkwon is online now   Reply With Quote
Old 03-12-2011, 07:28 PM   #7
Brad Pittiful
Scooby Specialist
 
Member#: 34931
Join Date: Apr 2003
Chapter/Region: Tri-State
Location: A Town Called Malice
Vehicle:
. .
This ain't no picnic!

Default

dont get rid of the toys until you scan ebay for prices and demand...you never know what collectors may be looking for
Brad Pittiful is online now   Reply With Quote
Old 03-12-2011, 09:34 PM   #8
The Motel Fella
Scooby Specialist
 
Member#: 140147
Join Date: Feb 2007
Chapter/Region: TXIC
Location: League City, TX
Vehicle:
02 B12S '13 Sienna
I make minivans look hot

Default

Quote:
Originally Posted by edkwon View Post
What about other charitable donations, say you went to a fundraiser, or made a cash contribution to an established charitable donation with documented receipt?

I'm asking because I have contributions in all these categories applicable to the 2011 tax year.
As long as you have them in a form that provides suitable backup (I gave the United Way $50 cash in the supermarket) , deduct them.
The Motel Fella is online now   Reply With Quote
Old 03-12-2011, 10:00 PM   #9
AJT
Scooby Newbie
 
Member#: 9312
Join Date: Aug 2001
Location: Benton, AR
Default

Keep in mind, charitable contributions are tax deductions, not credits. That means the amount you contribute reduces your taxable income, it doesn't directly reduce the amount of tax you pay by the equivalent amount (so your $30k question at the beginning, it would reduce your taxable income to $70k, not completely nullify any taxes you owe). I'm pretty sure there's a limit to your charitable deductions also.
AJT is offline   Reply With Quote
Old 03-13-2011, 08:38 AM   #10
Calamity Jesus
Scooby Guru
 
Member#: 44501
Join Date: Oct 2003
Chapter/Region: South East
Location: in a minefield of caddishness.
Vehicle:
1984 "Skeletor from
"He-Man"

Default

DONATE EVERYTHING

:Bachelor Frog:

STANDARD DEDUCTION STILL BIGGER
Calamity Jesus is offline   Reply With Quote
Old 03-13-2011, 09:31 AM   #11
mla163
Scooby Specialist
 
Member#: 104922
Join Date: Jan 2006
Chapter/Region: MAIC
Location: NoVA
Vehicle:
2013 BRZ

Default

Claiming any donation to Goodwill over $500 requires a receipt from the store. The value is standardized at a reduced rate - $5 for VHS tapes (really), $6 for a shirt, etc. Turbotax will have that or Goodwill's site will. Donate under $500 per shot to avoid dealing with paperwork. Also, when you donate make sure and get the signed, blank receipt anyways to cover your butt.

I donated a box full of VHS tapes I found when I moved into my house. 30 tapes at $5 = $150 deduction.

I have also found that Goodwill will take almost anything: old furniture, old TVs, old AV equipment, etc. So, I've been taking junk here as opposed to the junkyard. They help you unload your car. And you can write them off as donations.
mla163 is offline   Reply With Quote
Old 03-13-2011, 09:48 AM   #12
Wagon Of Fury
Scooby Newbie
 
Member#: 47982
Join Date: Nov 2003
Chapter/Region: Tri-State
Default

Quote:
Originally Posted by AJT View Post
Keep in mind, charitable contributions are tax deductions, not credits. That means the amount you contribute reduces your taxable income, it doesn't directly reduce the amount of tax you pay by the equivalent amount (so your $30k question at the beginning, it would reduce your taxable income to $70k, not completely nullify any taxes you owe). I'm pretty sure there's a limit to your charitable deductions also.
This times eleventymillion. People seem to not grasp this concept. Possibly the same people who get excited every year about getting a "big refund".

In my experience, you would have to donate (and document, and assume the audit risk) Texa$ amounts of goods in order to amount to anything. Back in my single days this rarely exceeded the standard deduction.

Quote:
Originally Posted by mla163 View Post
Claiming any donation to Goodwill over $500 requires a receipt from the store. The value is standardized at a reduced rate - $5 for VHS tapes (really), $6 for a shirt, etc. Turbotax will have that or Goodwill's site will. Donate under $500 per shot to avoid dealing with paperwork. Also, when you donate make sure and get the signed, blank receipt anyways to cover your butt.

I donated a box full of VHS tapes I found when I moved into my house. 30 tapes at $5 = $150 deduction.

I have also found that Goodwill will take almost anything: old furniture, old TVs, old AV equipment, etc. So, I've been taking junk here as opposed to the junkyard. They help you unload your car. And you can write them off as donations.
Screwing charitable organizations FTW !
Wagon Of Fury is online now   Reply With Quote
Old 03-13-2011, 10:24 AM   #13
.WRXXX.
Scooby Newbie
 
Member#: 183695
Join Date: Jul 2008
Location: uybaatc
Default

dont forget about all the cash money church donations you made
.WRXXX. is offline   Reply With Quote
Old 03-13-2011, 12:01 PM   #14
SurfPine
Scooby Specialist
 
Member#: 39401
Join Date: Jul 2003
Chapter/Region: RMIC
Location: 7732' ->
Default

Quote:
Originally Posted by mla163 View Post
I have also found that Goodwill will take almost anything: old furniture, old TVs, old AV equipment, etc. So, I've been taking junk here as opposed to the junkyard. They help you unload your car. And you can write them off as donations.
Our Goodwill will not take almost anything. They were tired of being a refuse transfer facility.

Are you donating or taking advantage?
SurfPine is online now   Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
question for 18g users/ and DP question subystone Factory 2.0L Turbo Powertrain 2 10-29-2009 12:50 AM
be ready for more cameras and taxes..... v8eaterWRX South West Impreza Club Forum -- SWIC 13 01-06-2009 03:32 PM
Question about goodwill donation receipts edkwon Off-Topic 4 03-13-2007 02:56 PM
question for luke@tirerack and anyone else that can help jeffsnyder Brakes, Steering & Suspension 1 09-19-2001 09:18 AM
Stupid Easy question for S-AFC and ITC. . . thepas Technical Forum Archive 1 05-10-2000 03:26 PM


All times are GMT -4. The time now is 11:34 AM.


Powered by vBulletin® Version 3.7.0
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
Powered by Searchlight © 2014 Axivo Inc.
Copyright ©1999 - 2014, North American Subaru Impreza Owners Club, Inc.