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Monday, August 17, 2009

Can I deduct more than $500 in non-cash contributions?

Yes, you can deduct more than $500 of non-cash charitable contributions.  However, you need to file a form 8283 - NonCash Charitable Contributions, in addition to Schedule A - Itemized Deductions.  The purpose of this form is to report detailed information about the charities receiving the donations. (i.e. name of charity, address, type of goods donated, and the FMV of the donation.) The total amount of donations reported on this form will carry to line 17 of the 1040 Schedule A.

Keep in mind that you can not claim a deduction for clothing or household items you donate after August 17, 2006, unless the items are in good used condition or better.

Below are two links to help you with your noncash charitable contributions. 

If you still have questions, please contact us at 
cathyw@wrighttaxsolutions.com
4:44 pm edt 


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Goodwill Valuation

Instructions to Form 8283

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