Ask Experts Questions for FREE Help !
Ask

Tax help on donation

Asked Sep 1, 2006, 07:03 PM — 4 Answers
Hi there,

Search this Thread
Share |
4 Answers
AtlantaTaxExpert's Avatar
AtlantaTaxExpert Posts: 19,866, Reputation: 3723
Senior Tax Expert
  
#2

Sep 1, 2006, 08:08 PM


Wenli:

Charitable donations, cash or non-cash, are itemized deductions, and will be deductible only if the total of ALL your itemized deductions exceed your stanadrd deduction.

Normally, you will itemize only if you are making mortgage payments on a house and can deduct the real estate taxes on the house and the interest on the mortgage. These two deductions are normally what it takes to exceed the Standard Deduction threshold.

An exception to that rule applies if you live and/or work in Massachusetts, New York or California. In those states, the state income tax is so high that it often allows people who rent to also itemize their deductions.
Helpful
taxsearcher's Avatar
taxsearcher Posts: 222, Reputation: 39
Full Member
  
#3

Sep 1, 2006, 08:49 PM
ATE is right on the itemized deductions. Furthermore, the recent changes in the law tighten the extent to which used household items and clothes can be deducted.
Helpful
luby's Avatar
luby Posts: 6, Reputation: 1
New Member
  
#4

Sep 1, 2006, 10:33 PM
Thanks!
Helpful
AtlantaTaxExpert's Avatar
AtlantaTaxExpert Posts: 19,866, Reputation: 3723
Senior Tax Expert
  
#5

Sep 2, 2006, 07:25 AM


Glad to help!
Helpful
Not your question? Ask your question View similar questions
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search

Add your answer here.

Remove Text Formatting
 

Undo
Redo
  
Decrease Size
Increase Size
Bold
Italic
Underline
Align Left
Align Center
Align Right
Ordered List
Unordered List
Decrease Indent
Increase Indent
Insert Email Link
Wrap [QUOTE] tags around selected text
Wrap [CODE] tags around selected text
Wrap [HTML] tags around selected text
Wrap [PHP] tags around selected text
Wrap [YOUTUBE] tags around selected text
Notification Type:



Check out some similar questions!

Plasma Donation [ 2 Answers ]

Is Diarrhea a possible side effect of donating plasma? Also, are there any long term effects?

Donation of lot journal entry [ 2 Answers ]

How do I record donated lot of fair market value of $25,000? I have Land $25,000 Cash $25,000

Blood Donation [ 5 Answers ]

Hi, I would like to know if every pint of blood is tested when you donate blood. Thanks

Blood donation and AIDS [ 4 Answers ]

Hi I wanted to know...how safe donated blood is from the HIV virus considering a person who has the HIV virus can't be detected if he is still in the window period.if he has donated blood during that period and wasn't detected as HIV +ve....isn't his blood contaminated? Wont it transmit the virus...

Giving donation items to friends [ 23 Answers ]

My family and I have been moving around quite a bit in the last couple of months, and as a result I am going through all our belongings and donating the things we don't use to charity, or giving them to friends. I have one friend who feels it is her right to have first dibs on all the stuff we...

View more Taxes questions Search