posted on March 25, 2007 10:42:25 AM
This from an LA Times article on recent changes in the IRS code:
• "Charitable contributions of personal property — clothing, furniture, cars, etc. — have long been deductible but Congress changed the rules to require greater substantiation and impose stricter limits. Any gift of personal property that isn't in "good" condition can't be deducted unless it's worth more than $500 and has been properly appraised."
. . . what does this mean for those of us who bring things to our local thrift shops??? Would I ever take the trouble to get an appraisal before donating an item?
Or is it just that an item has to be in good condition to be donated with a tax write-off? In that case, I'm fine. I'd never donate something worthless.
And, Lordy, if it's worth more than $500 I sure as heck will find another way to get value from it. Like, hmmm, sell it on eBay!?
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"There is more to life than increasing its speed." --Mahatma Gandhi
posted on March 25, 2007 10:56:36 AM
Can always write it off against your business income!
This is targeted at wealthy people who could use a tax deduction,say they have a painting worth over 500 dollars but no one wants it,so they just donate to charity.
I am sure these charitable org have appraisers who will vouch these paintings are worth more than 500.
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Lets all stop whining !
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