I am about to clean out a ton of old clothes and stuff around the house and was planning on donating to Goodwill and have that as a tax deduction.
I am already aware of the importance of documenting a list or pictures/video of the items before donating. Also, I have read up on the free market value issues and was just planning on assigning the value to be roughly equal to or slightly less than what the item would sell for in the store. I don't have any huge donations like a car or boat, just clothes and household goods.
I just have a few questions for some of you who have done this before:
Are there any problems with donating in one state and then moving to another state to start residency and putting the deduction on the taxes that are filed as a resident of state #2? I would not think this would be an issue since the deductions are on federal taxes but I could be missing something.
There are a few items which are literally new and never-used or at least in like-new condition. Should I assign more value to them on the forms to get a true free market value not just "Goodwill market value" ?
Anybody with experience in making Goodwill or Salvation Army donations in excess of $500 total? I think there is an additional form to fill out once you get to that point.
Thanks. Please help me get a few bucks tossed back in my direction, even if it doesn't happen for another year.
I am already aware of the importance of documenting a list or pictures/video of the items before donating. Also, I have read up on the free market value issues and was just planning on assigning the value to be roughly equal to or slightly less than what the item would sell for in the store. I don't have any huge donations like a car or boat, just clothes and household goods.
I just have a few questions for some of you who have done this before:
Are there any problems with donating in one state and then moving to another state to start residency and putting the deduction on the taxes that are filed as a resident of state #2? I would not think this would be an issue since the deductions are on federal taxes but I could be missing something.
There are a few items which are literally new and never-used or at least in like-new condition. Should I assign more value to them on the forms to get a true free market value not just "Goodwill market value" ?
Anybody with experience in making Goodwill or Salvation Army donations in excess of $500 total? I think there is an additional form to fill out once you get to that point.
Thanks. Please help me get a few bucks tossed back in my direction, even if it doesn't happen for another year.