topic Donation in Deductions & credits

Donation

Baitaylor71 — Wed, 22 Jan 2025 15:01:05 GMT

Question I gave 1000 charitable items to the Helena victims new clothes, sterling silver jewelry new shoes DVD player ps 3 console plus games 17 in Dell laptop plus toys etc etc the guy me the paper and 1000 dollar receipt how do I file that ? Under north carloina or va

Re: Donation

DoninGA — Wed, 22 Jan 2025 15:04:36 GMT

Did you give these items to a recognized charitable organization?

If you just gave these to individuals in need, then those are gifts and gifts given are not reported on a tax return.

Re: Donation

Opus 17 — Wed, 22 Jan 2025 16:22:47 GMT

Gifts are only deductible when given to a registered tax exempt organization. You can look up the organization here.

https://www.irs.gov/charities-non-profits/tax-exempt-organization-search

[Edited to add] Donations are also deductible when given to a state or local branch of government, even if the government is not listed on the exempt organization web site. However, donations are not deductible if given to individual people or unregistered charities, even if they are needy.\

Then, you can list the donation as items, choose ""I will value myself", give a generic description like "used household items" and your value. However, if audited, you will need to show the IRS a detailed inventory that includes a description of the item (with enough detail to determine the fair market value), the approximate date you acquired the item, the approximate price you paid, the date of the donation, the fair market value of the used item, and how you determined the FMV (such as thrift store prices, eBay prices, etc.). The value claimed on the receipt is not necessarily good enough, you need to have your own valuation.

Re: Donation

BrittanyS — Wed, 22 Jan 2025 16:11:49 GMT

To claim donations to charity if the amount exceeds $250, you will need a donation receipt. According to the IRS, the following must be listed on the receipt:

Organization Name (from an approved organization)
amount of donation
description of non-cash items
statement that no goods or services provided
description and good faith estimate of value of non-cash items

Charitable donations to an approved charity organization will be deducted on the Schedule A if you itemize your deductions. If you live in Virginia and claim the standard deduction on your federal return, then you must claim the standard deduction on your state return. If you itemize your federal return, then you can itemize the charitable donation on your Virginia return. This applies even if your donation was made to North Carolina. Per Virginia Code§ 58.1-322.03 , an individual is allowed, "to deduct from their Virginia adjusted gross income certain amounts allowed for itemized deductions for federal income tax purposes. These deductions include those for real estate taxes, home mortgage interest, personal property taxes, medical expenses, and charitable contributions, provided they are claimed in accordance with the IRC and its related regulations."

Charitable donation can be entered under credits and deductions in TurboTax. To enter you will follow these steps:

Login to TurboTax
Click Deductions and Credits
Click Add Tax Break
Click Donations to Charity
Fill in interview questions

For more information on charitable donations, see the link below:

Charitable donations

Virginia Code § 58.1-322.03 1

@Baitaylor71