The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: charitable contributions||Date: 4/14/2004 12:32 PM|
|Author: Hunzi||Number: 71411 of 121219|
There may be a limit to the amount that's credited to one year, with a carryover to the next, but claim everything that you donated on the return for the year in which you donated it. Details are in Publication 526.
Hey there! I'm hoping you have time for this. I'm totally confused by the NON CASH charitable contributions I made this year and how to properly fill out the forms for them.
I cleaned out about 20yrs of household goods and clothing from the basement this year. Hundreds of things like baby pjs, crib, washer & dryer etc. Individually, they're all relatively low value items, but en-mass they added up to $9626.06 according to H&RBlock's Deduction Pro based on most of the items being donated in "average" condition (meaning about the same quality as seen in a thrift shop or nicer). I gave the donations on 4 separate occasions, to 3 different qualified charities. I kept itemized lists of everything I donated, but I obviously still don't have the receipts for the baby t-shirts I bought in 1989.
Basically, I have all the usual info and documentation needed for an under $500 non-cash donation, but I don't know how to handle the fact that these items added up to over $5000. It's not like I can have an appraisial done. All the goods went off on their merry way on thrift shop trucks months ago.
It's not anywhere near any income limits for us, so I'm not worried about 50% or 30% rules (if I understand that correctly)
Do you have any ideas on how I need to handle this? It's such a big donation that I'd hate to just not claim it for the sake of fearing an IRS audit over a mistake.
I've looked at the form and it's just not clear how to handle lots of tiny valued items donated vs one large one.
Help and thanks in advance for it if you can!
Joann aka Hunzi
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