#1
YesterdayI have a huge bag full of soaps, shampoo, conditioner, mouthwash and other hotel toiletries.
I know people donate stuff like this to shelters or other charities. Does anyone ever take a writeoff on their taxes for doing so, and if so, what is the rule of thumb?
Not trying to be overly greedy...just finished our taxes and I need to find more deductions this year!
I know people donate stuff like this to shelters or other charities. Does anyone ever take a writeoff on their taxes for doing so, and if so, what is the rule of thumb?
Not trying to be overly greedy...just finished our taxes and I need to find more deductions this year!
#2
TodayIf you go to a shelter they will probably offer you a donation receipt. Seriously, if you donate $100 of stuff, how much are you going to save on your taxes?
#4
Quote:
<font face="Verdana, Arial, Helvetica, sans-serif" size="2">Originally posted by RJSachs:
You're too late for this year's taxes.</font>
Thank you, Einstein! Actually, 'this year' is 2004 so I still have 10 months to find deductions.<font face="Verdana, Arial, Helvetica, sans-serif" size="2">Originally posted by RJSachs:
You're too late for this year's taxes.</font>
[This message has been edited by dingo (edited Feb 22, 2004).]
#8
UALOneKPlus , Feb 22, 2004 4:33 pm
FlyerTalk Evangelist
hey hey hey, let's be friends here, ok?
#9
You will probably receive a donation receipt from the chairity for soap and sahmpoo, but not a dollar value, they will leave you to figure that out.
As a deduction it's not going to add up to much, the breck shampoo bottles are worth eighteen cents each, the soaps about a nickle each (based on what hotels can purchase them for).
Little shampoo bottles aren't something that you donate for the deduction, but to help others, as a deduction it's not worth much.
As a deduction it's not going to add up to much, the breck shampoo bottles are worth eighteen cents each, the soaps about a nickle each (based on what hotels can purchase them for).
Little shampoo bottles aren't something that you donate for the deduction, but to help others, as a deduction it's not worth much.
#10
MisterNice , Feb 22, 2004 5:48 pm
FlyerTalk Evangelist
I dont think I would risk an IRS audit by claiming such a deduction.
MisterNice
MisterNice
#11
Quote:
<font face="Verdana, Arial, Helvetica, sans-serif" size="2">Originally posted by UALOneKPlus:
hey hey hey, let's be friends here, ok?
</font>
<font face="Verdana, Arial, Helvetica, sans-serif" size="2">Originally posted by UALOneKPlus:
hey hey hey, let's be friends here, ok?
</font>
I hate coming to the scene of the battle after the firefight has taken place
#12
I donate this stuff all the time... to a local shelter... I have never thought of taking a deduction anyway.
How do you value the donation? According to IRS regulations, you can only take a deduction for what you "paid" or received consideration for. I doubt the hotel would have changed your rate if you said "I do not want the tolietries". As such, you have no true "cost" for those items. SO, there is really no TRUE value you can place on the items.
Of course, that does not mean people do not try to gain a value... but does not seem right.
William
How do you value the donation? According to IRS regulations, you can only take a deduction for what you "paid" or received consideration for. I doubt the hotel would have changed your rate if you said "I do not want the tolietries". As such, you have no true "cost" for those items. SO, there is really no TRUE value you can place on the items.
Of course, that does not mean people do not try to gain a value... but does not seem right.
William
#13
MisterNice , Feb 23, 2004 9:48 am
FlyerTalk Evangelist
Thats not exactly correct. You may rightfully claim the "fair market value (FMV)" ie the willing seller and willing buyer senario. For example you my deduct the FMV for items given to you as a gift, from an inherentence etc.
As for multi teeny bars of soap, shampoo etc I assume this would not be an easy task especially when you consider your "ultimate user" and what amount they would willingly or realistically pay.
MisterNice
As for multi teeny bars of soap, shampoo etc I assume this would not be an easy task especially when you consider your "ultimate user" and what amount they would willingly or realistically pay.
MisterNice
#15
Cost of soap: 5cents.
Cost of shampoo: 18cents.
Cost of feeling good about yourself for donating & helping others less fortunate: Priceless!
Donate the stuff; forget about the write-off. It's too small to make a dif to your taxes, and the good feeling you get from donating & helping others is much higher.
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Sharon
Cost of shampoo: 18cents.
Cost of feeling good about yourself for donating & helping others less fortunate: Priceless!
Donate the stuff; forget about the write-off. It's too small to make a dif to your taxes, and the good feeling you get from donating & helping others is much higher.
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Sharon