I'm using It's Deductable
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Yes, if you can itemize your deductions for 2018 then you can deduct your magazines on Schedule A Gifts to Charity Line 12
However, for most taxpayers, their standard itemized deduction is higher than their itemized deductions and they do not itemize.
The 2018 standard deductions are: $12,000 if you are single or use married filing separate status $24,000 if you file e a married joint-file and $18,000 if you file as head of household.
Yes, if you can itemize your deductions for 2018 then you can deduct your magazines on Schedule A Gifts to Charity Line 12
However, for most taxpayers, their standard itemized deduction is higher than their itemized deductions and they do not itemize.
The 2018 standard deductions are: $12,000 if you are single or use married filing separate status $24,000 if you file e a married joint-file and $18,000 if you file as head of household.
Yes, TurboTax Leonard is right, but also please note that you can't claim more than the fair market value of the magazines (at the time of your donation(s)), so be careful about that (I would doubt, for example, that fair market value is the price printed on the cover of the magazine, if there is one) If you aren't clear on the rules around that, there's plenty of information about "fair market value" from TurboTax and around the internet.
The magazines are definitely deductible, but only at their current (read) value. Most magazines are not worth much and ItsDeductible values them at about 50 cents. Some more expensive magazines sell by the issue on eBay for much more than the standard deduction value. Find the exact magazine in similar condition on eBay and you may use that as your deductible value. Just make it an "Add it" item. With the new tax rates, you may not have enough donations/deductions to make a difference, but it's worth a try.
Thx all for the TAX advice. I do itemize each year profitably. So, for our joint tax returns yr advice is very worthwhile.
Again, thx much, Carl
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