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rmtibbs96
New Member

My son's school held a mattress sale as a fundraiser. We bought a mattress for $1200, the receipt states that it is a tax deduction. How do it show that and at what $?

I am trying to determine how much I can deduct if the receipt does not tell us?
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1 Reply
DavidD66
Expert Alumni

My son's school held a mattress sale as a fundraiser. We bought a mattress for $1200, the receipt states that it is a tax deduction. How do it show that and at what $?

The amount you can deduct is the amount your  donated/paid less the value of the mattress.  Look up the cost of a similar mattress online and subtract it from the $1,200.  The donation is deductible if you itemize your deductions (as opposed to taking the standard deduction).  If you take the standard deduction there is a deduction of $300 if filing single and $600 if married fling jointly.  To enter in TurboTax click on "Deductions & Credits" and then scroll down to "Donations to Charity in 2021" and select Start or Review.

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