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Not exactly. However:
There is an overall limit on charitable donations of 20%, 30% or 50% of your adjusted gross income, depending on the type of charity. The unused deduction carries over to the next year.
Also, for non-cash donations of more than $5000 for a single item or group of similar items, you need a signed appraisal by a qualified appraiser, and you have to submit a form 8283 documenting the donation that includes the signature of the appraiser and the signature of a financially responsible person at the charity. For these donations, as well as any other non-cash donations of more than $500, you will need to know the date and manner you acquired the property (purchase, gift,, inherited, etc.) as well as the fair market value on the date of donation.
Not exactly. However:
There is an overall limit on charitable donations of 20%, 30% or 50% of your adjusted gross income, depending on the type of charity. The unused deduction carries over to the next year.
Also, for non-cash donations of more than $5000 for a single item or group of similar items, you need a signed appraisal by a qualified appraiser, and you have to submit a form 8283 documenting the donation that includes the signature of the appraiser and the signature of a financially responsible person at the charity. For these donations, as well as any other non-cash donations of more than $500, you will need to know the date and manner you acquired the property (purchase, gift,, inherited, etc.) as well as the fair market value on the date of donation.
What are the allowable permissible categories in the 5,000 noncash donations? The law says property of the same generic category or type; i.e. such as stamp collections, coin collections, lithographs, paintings, photographs, books, nonpublicly traded stock, nonpublicly traded securities other than nonpublicly traded stock, land, buildings, clothing, jewelry, furniture, electronic equipment, household appliances, toys, everyday kitchenware, china, crystal, or silver. Within the clothing donation, does that include shoes, gender type clothing, accessories? Or can these categories be used on their own? Is the above list an only category list, or is there any other list that would give more conclusive information?
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townie
Returning Member
townie
Returning Member
cervi
Level 2
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