Dec
27

Filling Out Your Tax Deduction Donation Forms Properly

December 27, 2011

charitable donationsSurrounded on all sides by holiday sales, sometimes your old but gently used items start to lose a little of their luster, like when you see a killer deal on a new pair of shoes or blender (smoothies and milkshakes ahoy!) and just can’t help yourself. The good news is, you can help both yourself and someone else by donating your still-working-but-used goods. You just have to make sure to properly document it, and that’s where Eva Rosenberg and the Equifax Finance Blog can help. She shares insight into the holiday donation deduction in her article, “

Documenting Your Donations for Tax Deductions.”

To take advantage of any amount of donations, everything you donate has to be in good condition. For little deductions, and by little the IRS means less than $500 total, you don’t need to provide details. Above that, things get a little more complicated. IRS Form 8283 is your handy guide, where you’ll need to fill out details like what it was that you donated, how much or many, how much it cost you originally and how much you expect it to be worth. The good news is that you’ve got backup with the last part, with groups like the Salvation Army, TurboTax and H&R Block all offering free appraisal programs.

Another option for enterprising readers is to just hold a yard or estate sale, or find an estate agent or garage sale specialist to help take care of it. You don’t have to pay taxes on the sale, though you do need to report it on Schedule D. Then you can donate as much or as little of the proceeds as you like, and donate what doesn’t sell.

For more detailed information about taxes, credit, insurance and just about everything related to personal finance, be sure to check the

Equifax Finance Blog often.

Categories: Economy

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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