Not anymore. I recently brought an NAD 200W amp and a pioneer elite receiver to the USD electronic recycling center (they resell good items), figuring I could write off a reasonable Craigslist price without the hassle. I was then informed after they were long gone that the new tax code doesn’t allow these kinds of charitable write-offs.At this point, it doesn't surprise me at all. As a contractor, we do a lot of estate "clean-outs" and restoration/update work to prepare properties for sale. A lot of people don't know or don't care what something is worth or how much someone else would appreciate it. Quite frequently, once grandma's jewelry and grandpa's pocket watches and war medals are removed from the house, everything else is destined for the big roll-off dumpster out back. Yeah, there are still estate sales/auctions, but even then there is still a lot of stuff that just gets pitched. At least with GoodWill, there is a chance for someone else to appreciate it--oh, yeah, and a tax deduction.
Not in the new tax code unfortunately. If I’m wrong though, I would be delighted to hear about it!Donating valuable stuff to goodwill online is a good way to establish value for tax purposes.
Not in the new tax code unfortunately. If I’m wrong though, I would be delighted to hear about it!
Remember, Goodwill is a FOR PROFIT corporation.
A print out of the final sale and a donation receipt (hopefully the person received one) would be enough to satisfy a possible audit. Assuming the person even knows that the receiver made it to the online auction!Don't know for sure but the auction result should be solid supporting evidence that does not rely on an appraiser's opinion.
The new tax law will decrease those who itemize for charity but not do away with the ability to itemize. It just depends on your situation. If the new $22,000 standard deduction for couples is more advantageous than itemizing (which will be the case with many) then charitable donations for tax purposes could decrease since people may not feel the need to do so anymore. As far as estate planning is concerned if I am not mistaken there is $22 million exemption for couples. So there may be less donations from estates since the tax burden is less.Not in the new tax code unfortunately. If I’m wrong though, I would be delighted to hear about it!
I've said it before.For that kind of money I wouldn't even consider a forty year old receiver.Auction ended at $4744. That's a pretty rare beast but I won't be surprised if it's relisted due to the winner flaking out.
I've said it before.For that kind of money I wouldn't even consider a forty year old receiver.
A print out of the final sale and a donation receipt (hopefully the person received one) would be enough to satisfy a possible audit. Assuming the person even knows that the receiver made it to the online auction!
The new tax law will decrease those who itemize for charity but not do away with the ability to itemize. It just depends on your situation. If the new $22,000 standard deduction for couples is more advantageous than itemizing (which will be the case with many) then charitable donations for tax purposes could decrease since people may not feel the need to do so anymore. As far as estate planning is concerned if I am not mistaken there is $22 million exemption for couples. So there may be less donations from estates since the tax burden is less.
Auction ended at $4744. That's a pretty rare beast but I won't be surprised if it's relisted due to the winner flaking out.
You think that’s a high number?
How about the packs of 1980’s infant huggies that sell for between $300-$1,000+, yes.. old unused diapers are worth more than ToTL equipment that we collect
I'm not sure if you're serious, but I also don't really want to know.