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Do non-cash donations make a difference for my taxes?

 

Charities receive a burst of donations as people do fall cleaning and look to the last few months of the tax year. Assuming you itemize deductions, your check is tax-deductible as long as it is in the mail by December 31.
 

Don’t forget that, for tax purposes, non-cash donations are just as valuable as cash. Find some time to gather old clothes, kitchen gadgets, sports equipment and other closet clutter that someone else could use and you could rack up some surprisingly large deductions. Come up with $600 worth of used items to give to your favorite charity for instance, and you can cut your tax bill by just over $200 if your combined federal and state tax rate is 34%.
 

Cash or non-cash, you need a receipt to deduct any donation. Receipts for non-cash donations such as used clothing need to be signed by the recipient. It’s up to you to keep an itemized list with an estimated value for each item.

 

Source: Kiplingers, Dec. 96, p. 56.

 

 

Written by:
Sandra McKinnon, Consumer & Family Economics Specialist, University of Missouri Extension

Cynthia E. Crawford, Ph.D., Consumer & Family Economics Specialist, University of Missouri Extension

 

 

 

 

 

 

 

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Last update: Monday, November 17, 2008

 

 

 


 
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