Mommysavers › Forums › General Discussion › Chit-Chat › Tax write off on donations...
New Posts  All Forums:Forum Nav:

Tax write off on donations...

post #1 of 10
Thread Starter 
I donated tons of clothes, toys, purses, shoes and such to a local charity. They gave me a slip to use for tax season...
But the problem is I rent a townhome and I know unless Im a home owner I cannot use this tax break
So Ill end up just giving it to my parents. Its too bad our government is messed up like they are.

(I planned on having a yard sale to sell all this "junk" but I didnt feel like getting up real early and dealing with the cheap-o's that want something for pratically nothing.
I was going to have a $1 sale, every item was only $1...but like I said before there will be those people that will want it for less. Plus I wanted my weekends saved for something fun!)

Im just bummed I cant claim this on my taxes. oh well...
post #2 of 10
If you don't itemize, you don't get to take advantage. But, really, it's such a small amount that it's not worth all that much anyway. And donating to charity is always a good thing anyway.
post #3 of 10
When I used to own a home, I used donations as tax deductions. I was upset when I rented and saved medical receipts and donation receipts for a year just to be told that they were no good to me at my tax filing. I had over $1,000 dollars worth. I know how you feel.
post #4 of 10
Man...that totally sucks! But like calamari said, it's always good to give to a charity.
post #5 of 10
We itemize, I give away to charities all year long and our tax man said it does not make a big difference on our taxes. That we need to give away/donate thousands to make a difference.
post #6 of 10
It is a shame you can't claim it, but look on the bright side. You're not paying property taxes like homeowners and donating to charity is always a good thing.
post #7 of 10
Thread Starter 
I dont really mind that I cant claim it, though it would be nice.
I do enjoy donating clothes and stuff that would just sit around to people who would wear them and toys to kids that would love to play with them.
Just yesterday I went through my closet and got rid of the stuff I havent worn for a year and I know I wouldnt wear it in the future, now I can actually move things around in there for once.
post #8 of 10
Quote:
Originally Posted by aliadam View Post

It is a shame you can't claim it, but look on the bright side. You're not paying property taxes like homeowners and donating to charity is always a good thing.

I was going to write the same thing. We pay out the ying-yang on taxes for our home. I'm glad we get a little break with the charity deductions. The one thing I don't like about donating to charity is that you have to write down every little thing you donate--you can't just write "bag of clothes". You've got to give a description of what you are donating like "girls sweater, size 2T". That takes a lot of time.
post #9 of 10
Quote:
Originally Posted by BlueJay View Post

We itemize, I give away to charities all year long and our tax man said it does not make a big difference on our taxes. That we need to give away/donate thousands to make a difference.

I disagree. Maybe you aren't making a big difference, but when you are trying to save money every bit helps. Basically any amount you can take off of your taxable income will help. Here's an example from the IRS website:

"For example, an individual with a taxable income of $50,000 donates $2,000 to his or her church. The tax savings from this generosity will be $540 – $2,000 times the taxpayer’s marginal tax rate of 27 percent."

Okay - so say you only donate $500, instead of $2000 - that will still save you $135. Maybe when you are looking at thousands of dollars in taxes that may not seem like a lot, but it is still $135 in YOUR pocket. I think the same principle applies when making a major purchase. People tend to think it's silly to stall negotiations on a new car over $500, but if you were buying a new TV instead of a car you wouldn't dream of paying an extra $500. Why the difference? It's the same amount of money in your pocket at the end of the day.
post #10 of 10
I am glad I can't itemize - that means I don't have more expenses than the standard deduction and I don't want more expense.
New Posts  All Forums:Forum Nav:
  Return Home
  Back to Forum: Chit-Chat
Mommysavers › Forums › General Discussion › Chit-Chat › Tax write off on donations...