can I deduct in my taxes the donations I made to good will stores?
- JudyLv 76 years ago
Only if you itemize. You'd need an itemized list of what was donated. Your deductions is the amount GoodWill would sell it for, not the original price. So if you donated 5 mens shirts that you paid $30 each for, and GW sells that type of item for $3, then your deduction would be 3*5 or $15. If you're in a 15% bracket, your tax savings would be $2.25.
- BobbieLv 76 years ago
Very doubtful and probably not at all for this purpose and time. Since you would have to be able to qualify to choose to use the schedule A itemized deductions of your 1040 FIT return for that purpose and the TOTAL amount from the schedule A would have be MORE than your 6200 standard deduction would be during the 2015 tax filing season.
Hope that you find the above enclosed information useful. 02/07/2015
- Max HooplaLv 76 years ago
Yes but it won't amount to much. Using rather rough numbers, things that cost $1,000 when they were new are probably worth about 15% or $150 of that when they make it to the Goodwill thrift store. This will generate tax savings of $20 to $30 for most people.
- NWIPLv 76 years ago
Yes if you do an itemized deduction report as it is better than the standard deduction. Even then only around $500 maximum.
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- JakeLv 76 years ago
Probably not, I believe you would need receipts that appease the value of the donations. You can't just go claiming the original price for stuff.
- StephenWeinsteinLv 76 years ago
If you donated money or something worth money and in reasonably good condition, yes.
If you donated worn out clothes that belonged in the garbage, no.
- ?Lv 76 years ago
Only if you got a reciept from goodill thst shows the value, plus you have to itemize
- troLv 76 years ago
only if you use the itemized schedule A
- SlickterpLv 76 years ago
Yes, with receipts, if you itemize.