TurboTax offers a free online tool called ItsDeductible that will give you the IRS approved values for your clothing donations. You can even import this information into TurboTax when it's time to do your taxes. Once you assess the total value of all clothing donations yo...
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If you donated via a peer-to-peer money transfer app like Venmo, PayPal or Zelle, the transaction record won't be enough for the IRS. Ask the recipient for a detailed receipt. If it was an automatic deduction from your paycheck, keep copies of your W-2 or pay stubs showing the amount...
and to what extent, it can be deducted on your taxes. For example, any clothes you donate must be in good condition and you can only deduct the value that the organization can earn from selling those items. You do not get to deduct the price you ...
Here are 4 simple steps and tips to help you understand and claim a tax deduction for your donated car on your tax return. Step 1: Find out how much the charity sold the car for Use the price the charity sells your car for as the amount of your deduction. For example,...
By its end, you will have a firm handle on taxes. This chapter will lay the groundwork for everything you learn in this book; nothing else will make sense without it. Come back to this chapter once you have finished reading the entire book; you will probably discover that it all makes...
If you’ve donated clothes, food, old sporting gear or household items, for example, those things can lower your tax bill if they went to a bona fide charity and you got a receipt. For the 2024 tax year, you may be able to deduct ...
You need to know your cost basis to calculate your taxable gain, and that means the price paid plus any costs, fees, and commissions involved with that purchase. There are specific tax rules regarding the personal use of collectibles, precious metal ETFs, and collectibles donated to charity. ...
or donates it to a needy person, the donor may deduct the fair market value of the vehicle. However, if the charity will simply sell the vehicle, the nonprofit must provide timely notice of how much the vehicle sold for. In that case, the deduction is based on the actual sale price. ...
Sellers retain ownership of their items until they are sold, and the consignment shop or platform takes a commission from the sale price. The consignment process can vary depending on the specific shop or platform being used, and it is important for sellers to understand the rules and regulation...