Sch A: Noncash Charity Deductions

April 28, 2013
Noncash Charity Deductions such as donations of clothing or household items have two categories on the Sch A that are distinguished by the total dollar amount you are claiming. If your donations total less than $500, simply keep a list of what you’ve donated along with the donation receipt from the organization. If your donations total more than $500, you’ll need to complete an additional form before you complete line 17 of Sch A: Form 8283. This form requires you to list the charitable organization’s address, the date of your donation, the date you purchased the items, the original cost of the items and how you obtained them, the value of the items at the time of the donation, and how you are determining that value. Generally, most people will indicate that they purchased the items and list the purchase date of the most significate item that was donated. In addition, the value of the items at the time of donation can be determined by placing a value on each item at what you feel could be reasonably gotten for that item at a garage sale or at a resale store. Don’t forgot, only those items in good or better condition can be deducted. Look for the links to several sites I’ll be adding soon that will help provide valuations of donated items to give you a hand! Check out my favorite links list comming soon.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s