Goodwill donations - REO Property Preservation Forum
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post #1 of 15 (permalink) Old 02-28-2013, 04:13 PM Thread Starter
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Goodwill donations

After doing my taxes <wincing> i've been looking for ways i can save on this year. Doing some research i came across chartible donation articles and said you can deduct the value of items donated to goodwill. Anybody do this? and is it worth the time, (assuming you have room to store items before you make a drop off) here is a link to their fair value pricing. I always come across items that could be donated that are nice/functional. (also a good way to get rid of pesky electronics that dumps won't take.) I'm sure some of you bigger guys wouldn't waste the time but those of us that could use the extra 10-20k deduction might want to think about it.

http://www.cincinnatigoodwill.org/fi...ValueSheet.pdf
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post #2 of 15 (permalink) Old 02-28-2013, 04:59 PM
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Originally Posted by Stateline View Post
After doing my taxes <wincing> i've been looking for ways i can save on this year. Doing some research i came across chartible donation articles and said you can deduct the value of items donated to goodwill. Anybody do this? and is it worth the time, (assuming you have room to store items before you make a drop off) here is a link to their fair value pricing. I always come across items that could be donated that are nice/functional. (also a good way to get rid of pesky electronics that dumps won't take.) I'm sure some of you bigger guys wouldn't waste the time but those of us that could use the extra 10-20k deduction might want to think about it.

http://www.cincinnatigoodwill.org/fi...ValueSheet.pdf

We do it all the time !! JUST be SURE to take pictures of the items being donated
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post #3 of 15 (permalink) Old 02-28-2013, 05:16 PM Thread Starter
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We do it all the time !! JUST be SURE to take pictures of the items being donated
How do you add up the value? do you write out a list and then have the donation center sign it?
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post #4 of 15 (permalink) Old 02-28-2013, 07:31 PM
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Quote:
Originally Posted by Stateline View Post
. Doing some research i came across chartible donation articles and said you can deduct the value of items donated to goodwill. I'm sure some of you bigger guys wouldn't waste the time but those of us that could use the extra 10-20k deduction might want to think about it.

http://www.cincinnatigoodwill.org/fi...ValueSheet.pdf
Lol, I think you are supposed to be the owner of the items you are writing off. 20K in Goodwill donations is going to get Mr. IRS to put his coffee cup down on the desk.
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post #5 of 15 (permalink) Old 02-28-2013, 07:34 PM
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How do you add up the value? do you write out a list and then have the donation center sign it?
yes write out a list then dependent on condition is the value. I usally do 50% of new, conservative and under the radar I say.
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post #6 of 15 (permalink) Old 02-28-2013, 07:50 PM
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Lol, I think you are supposed to be the owner of the items you are writing off. 20K in Goodwill donations is going to get Mr. IRS to put his coffee cup down on the desk.
After 30 day storage with receipt you are the owner. hopefully
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post #7 of 15 (permalink) Old 02-28-2013, 07:54 PM
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After 30 day storage with receipt you are the owner. hopefully
But the tax man is going to want to know how much you had invested in the donated items vs. how much you are claiming as a deductible value. Either way, if it is a high dollar amount, it will most likely trigger an audit.

Iíve already told you more than I know.
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post #8 of 15 (permalink) Old 02-28-2013, 08:59 PM
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But the tax man is going to want to know how much you had invested in the donated items vs. how much you are claiming as a deductible value. Either way, if it is a high dollar amount, it will most likely trigger an audit.
Go ahead and audit me. I'm losing my arse anyway this year.
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post #9 of 15 (permalink) Old 03-01-2013, 04:53 AM
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My accountant said that, as an incorporated business, I wasn't able to deduct Goodwill donations. As an individual, a large amount of donations would trigger an audit.

I deemed it not worth the hassel. We still make the donations, just don't claim them.
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post #10 of 15 (permalink) Old 03-01-2013, 01:37 PM
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Go ahead and audit me. I'm losing my arse anyway this year.
Copy that I'm 6k in the negative already !
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