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    IDKwhatIwant's Avatar
    IDKwhatIwant Posts: 33, Reputation: 1
    Junior Member
    		  
    #1

    Jun 26, 2009, 05:56 AM
    Tax write off
    Im selling some equipment, and an organization for domestic violence asked for one of the pieces I'm selling. She offered " i can give you a receipt for a tax written-off " what does this mean? Ive heard of companies donating to city streets for tax purposes, and giving to charities. I know for my financial class, a tax write off wouldn't do much. But what exactly is it, and how does it help others?
    dawgsnkats's Avatar
    dawgsnkats Posts: 130, Reputation: 7
    Junior Member
    		  
    #2

    Jun 26, 2009, 07:23 AM

    Treat this the same as donating cash to the organization. There is a value of the equipment you are trying to sell. Whatever the value is, you can take as a deduction on your taxes. There are some rules to follow and forms to file. You can look at those on the IRS.gov website.

    It may be better to sell the equipment below value, incur a loss on the sale of property, then donate cash and use that as your deduction if the rules do not allow the threshold of the equipment donation. Yes, rules to follow and forms to complete with that too. God save America, God get rid of the IRS. Hope this helps..
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