Can I use my furniture donation as a tax deduction?
Posted on November 12th, 2009 by admin
I have been trying to sell my 8-yr old used bedroom furniture and it’s not going. I am thinking of just donating it to the Salvation Army. Can this be used as a tax deduction? On their site, it says the normal value of full bedroom sets is $250-$1,000, and I am asking $600. What is the procedure? Is this worth it?
Certainly. You would go by thrift shop value. When you donate it, ask for a donation receipt with the donated value, to use for preparing your income taxes. Anything that gets the taxes down is definitely worth it!
November 12th, 2009 at 9:14 pm
only if you itemize
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November 12th, 2009 at 9:19 pm
Certainly. You would go by thrift shop value. When you donate it, ask for a donation receipt with the donated value, to use for preparing your income taxes. Anything that gets the taxes down is definitely worth it!
References :
I’m an accountant.
November 12th, 2009 at 10:05 pm
Yes, it is deductible. Just so you know, if the value is over $500 you must fill out an additional form (8283). It isn’t terribly hard but you need to retain the receipt.
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