Deducting Donated Items on Your Taxes

Save
Next Video:
How to File Taxes Online for Free....5

Donated items can be deducted on your taxes by entering them in on line 17 of a 1040 form. Keep the receipts for donated items with help from a tax specialist in this free video on filing taxes.

Part of the Video Series: Preparing Taxes
Promoted By Zergnet

Comments

Video Transcript

Hi I am Julie Kidd, I am an asset management consultant in Atlanta, Georgia. Now we are going to talk about deducting donated items on your taxes. If you have itemized your deductions on your 1040 Schedule A you will refer to line seventeen to input the information regarding your donated items. This is our Schedule A with our itemized deductions, and we will go to line seventeen, which is for gifts to a charity that are other than cash or check. Your contributions must be made to qualified organizations to be deductible, and you cannot deduct contributions that are made to individuals or political organizations. When you make these donations you should ask for a receipt from the qualified organization. If you can list the items donated, and determine their value, and that way you can keep that receipt with your tax return. One thing to note, and it does say this on line seventeen if your gift is over five hundred dollars then you have to complete an IRS form 8283, which is a non-cash charitable contribution.

Featured

Related Searches

M
Is DIY in your DNA? Become part of our maker community.
Submit Your Work!