Discussion:Noncash charitable contributions f8283
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Discussion Forum Index --> Basic Tax Questions --> Noncash charitable contributions f8283
Discussion Forum Index --> Tax Questions --> Noncash charitable contributions f8283
| 5 March 2009 | |
| Can someone please confirm that if over 300 items of clothing were dropped off at the local Goodwill that my client can only take a $500 deduction on this since he does not have the cost basis and date purchased for every item? I am reading that similar groups of items are grouped together as one for consideration of the $500 limit. And like a previous post, my software "Taxwise" does not allow "VARIOUS" to be typed in for the dates purchased even if we could estimate the cost.
Thank you! | |
| 5 March 2009 | |
| no
tax software is no substitute for a good tax professional | |
| 5 March 2009 | |
| Kevinh5-are you saying "yes", I can deduct more than $500 in noncash contributions of a group of similar items.
I found the instructions somewhat vague on the 8283. My Master Tax Guide says to group like items. I am not simply relying off my software. Other sources indicate if the property is $500 or greater that I need to complete the fields for cost, purchase date, etc. What is the definition of property (one item or the entire donation)? I know I need to complete the 8283 because the total of my noncash contibutions are above $500. I just do not know if I need to complete columns d, e, and f. My understanding is that if the item or group of similar items is greater than $500 that I do. Please confirm | |
| 5 March 2009 | |
| yes you would use 8283
you can probably use your professional judgement of what that used pair of blue jeans cost new and how long he owned them
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| 6 March 2009 | |
| Doesn't the IRS now require a receipt or document from the charity that shows the donated amount? I would never presume to add anything to a tax return that was not provided by my client and I have instructed them all to have the charity value the donation if they (the client) wants to deduct it on the tax return. taxea | |
Death&Taxes (talk|edits) said: | 6 March 2009 |
| There is one small exception to the receipt rule, and that is if the items are dropped off at a collection box where there is no attendant or the like to give a receipt. Publication 526 When client tell me this, I stress they have a list of the contents of the bag they are putting in the box, and give a wink when I suggest that a photo of them doing the deed be kept. | |
| 2009-03-06 | |
| Goodwill here give you a blank receipt(small booklet) signed and dated, you have to fill in the items donated | |
| 6 March 2009 | |
| If the value of the contributon is over $250.00 you need a receipt from goodwill acknowledging the receipt. If you
do not have it, it is not deductible. The Court has already ruled on that. Otherwise if the donatons were at various times, your own good estimate of the value The best value to use is the prices that goodwill will be charging when they sell it. | |
