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Started By
Message
Tax advice....goodwill
Posted on 12/16/14 at 11:00 am
Posted on 12/16/14 at 11:00 am
So I drop off a few things at goodwill the other day and a retarded kid that works there hands me a blank tax for for me to fill out. He didn't count or even look at what I dropped off.
So my question is.... How much can I put on here? I make around 170,000 a year and pay a ton in taxes.... It would be nice to be able to put 15,000 on this thing. What say you guys?
So my question is.... How much can I put on here? I make around 170,000 a year and pay a ton in taxes.... It would be nice to be able to put 15,000 on this thing. What say you guys?
14
Posted on 12/16/14 at 11:01 am to Ellakennedi
Sounds like a great way to get audited.
Posted on 12/16/14 at 11:03 am to Ellakennedi
Money Board
And that is a great way to get pounded by the IRS.
And that is a great way to get pounded by the IRS.
Posted on 12/16/14 at 11:05 am to Ellakennedi
You realize goodwill is the worst place you can donate stuff to? It's a business NOT a charity. They sell your items for a profit, you just helped them make more money.
Posted on 12/16/14 at 11:06 am to iAmBatman
quote:
Money Board
This.
quote:
And that is a great way to get pounded by the IRS.
And that.
Posted on 12/16/14 at 11:08 am to lsunurse
quote:
You realize goodwill is the worst place you can donate stuff to? It's a business NOT a charity. They sell your items for a profit, you just helped them make more money.
I think most people (including myself) "donate" there because it's convenient and easy. Besides, it's still a way for disadvantaged folks to get decent quality stuff for cheap.
Posted on 12/16/14 at 11:09 am to Ellakennedi
quote:
So my question is.... How much can I put on here? I make around 170,000 a year and pay a ton in taxes.... It would be nice to be able to put 15,000 on this thing. What say you guys?
Not that I would know anything about any of this, but you would be putting up a gigantic red flag. You'd be audited with a quickness.
Posted on 12/16/14 at 11:09 am to ZereauxSum
quote:
Besides, it's still a way for disadvantaged folks to get decent quality stuff for cheap.
That is true. Just some people think it's a charity and it really isn't. The CEO makes a huge profit. Their "charity" is mainly employing workers (such as mentally disabled and physically disabled people) that would have trouble finding work elsewhere.
Posted on 12/16/14 at 11:10 am to Ellakennedi
quote:I mean, what's the worst that could happen?
It would be nice to be able to put 15,000 on this thing. What say you guys?
Posted on 12/16/14 at 11:10 am to Ellakennedi
If you're gonna lie you may as well lie on your tax return. More bang for your buck and also illegal.
Posted on 12/16/14 at 11:14 am to Ellakennedi
$300
Posted on 12/16/14 at 11:14 am to OysterPoBoy
quote:
o my question is.... How much can I put on here? I make around 170,000 a year and pay a ton in taxes.... It would be nice to be able to put 15,000 on this thing. What say you guys?
Don't do that. At all.
Posted on 12/16/14 at 11:14 am to lsunurse
quote:
It's a business NOT a charity.
Not according to the IRS
and anything over 5k you'll have to get a qualified appraisal to deduct
Posted on 12/16/14 at 11:15 am to Ellakennedi
They never fill it out for you, he's not retarded (for that reason, at least) - he's doing you a favor. General rule of thumb I've heard is that once you get over $500, you'd better have photo evidence and maybe receipts of what you donated. I always go for the $300-400 range and have never had issues.
This post was edited on 12/16/14 at 11:16 am
Posted on 12/16/14 at 11:16 am to lsunurse
quote:
That is true. Just some people think it's a charity and it really isn't. The CEO makes a huge profit. Their "charity" is mainly employing workers (such as mentally disabled and physically disabled people) that would have trouble finding work elsewhere.
Good point. I definitely stop short of calling it charity for that very reason. As far as I'm concerned it's a way for me to make sure something I don't want/need gets repurposed so I can avoid the guilt of sending half decent stuff to the dump
Posted on 12/16/14 at 11:21 am to lsunurse
quote:
The CEO makes a huge profit.
All charitable organizations pay CEOs pretty well
Posted on 12/16/14 at 11:37 am to Ellakennedi
quote:
He didn't count or even look at what I dropped off.
Not their responsibility, it is yours. You claim what the thrift shop value of the items you donated is. Don't know what that is? Look it up on Goodwill's website. Don't want to go through the trouble? Just claim $500 and move on.
Posted on 12/16/14 at 11:37 am to Ellakennedi
Anything over $500 you have to fill out an additional form with your tax return, where you list out what you donated, who you donated it to, and the FMV of what you donated.
Quite honestly, I have a whole lot of clients that bring to me a single Goodwill receipt with a bunch of stuff written on it (the client has to fill it out as you saw) and the value they assign to it is $495. That's a low risk.
On the internet there are all manner of fair market value guides for items donated to thrift stores - as long as you stick by that, you will be golden.
I would, if needed, attach a list to the receipt with the list indicating what you donated, such as 12 men's dress shirts, 4 pairs women's dress heels, 2 Nintendo games, etc. Then next to each item you can assign a price.
If you have anything really big ticket, take a picture of it as you bring it to the thrift store.
There is also a threshhold, and for certain items, where you need a qualified appraisal.
Quite honestly, I have a whole lot of clients that bring to me a single Goodwill receipt with a bunch of stuff written on it (the client has to fill it out as you saw) and the value they assign to it is $495. That's a low risk.
On the internet there are all manner of fair market value guides for items donated to thrift stores - as long as you stick by that, you will be golden.
I would, if needed, attach a list to the receipt with the list indicating what you donated, such as 12 men's dress shirts, 4 pairs women's dress heels, 2 Nintendo games, etc. Then next to each item you can assign a price.
If you have anything really big ticket, take a picture of it as you bring it to the thrift store.
There is also a threshhold, and for certain items, where you need a qualified appraisal.
Posted on 12/16/14 at 12:22 pm to Ellakennedi
You will have to list the types of items you donated on Form 8283 if you claim a deduction for over $500. If you claim more than $5,000 you will need to go through additional steps that require third parties to be involved.
Posted on 12/16/14 at 12:31 pm to LSUFanHouston
My standard description of donated items on Form 8283 is nothing more than the category of items, such as clothing, furniture, toys & household goods. I never bother with quantities or values for individual items. I've never had a client's noncash charitable contributions questioned in over 25 years of practice.
One piece of advice I give clients is to make multiple donations rather than a single large one if they expect to donate more than $5,000. 4 donations for $2,000 each results in less scrutiny than a single donation for $8,000.
One piece of advice I give clients is to make multiple donations rather than a single large one if they expect to donate more than $5,000. 4 donations for $2,000 each results in less scrutiny than a single donation for $8,000.
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