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Discussion Starter · #1 ·
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/files/FairMarketValueSheet.pdf
 

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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/files/FairMarketValueSheet.pdf

We do it all the time !! JUST be SURE to take pictures of the items being donated
 

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. 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/files/FairMarketValueSheet.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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After 30 day storage with receipt you are the owner. hopefully :lol:
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.
 

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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. :cry:
 

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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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We donate as much as possible to Goodwill or Salvation Army. But because of the paperwork and possible audits we just drop it and go.
I do claim when we make personal donations.
 

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We always donate to the Salvation Army, the money you save in dump fees for the stuff is worth more than the deduction. Also, donate old blankets and stuff to the animal shelter it annoys my husband that I make him seperate and store items but it really is a good deed :)
 

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You can't donate stuff to goodwill that you were paid to remove.

It goes something like the cost to you is zero, this is part of your normal business that your charging for.
 

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Discussion Starter · #15 ·
I don't see why you can't deduct it. I mean if i keep it and store it its mine. If i found $30,000 i'm sure they would want me to claim it as income. so if i donate $30,000 in stuff (just an example) i don't see why i can't donate it. I'll have to check with my accountant on this one. as for audits, no one wants to be audited. But i'm not worried my books are squeeky clean.
 
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