I keep hearing I can only deduct a few hundred dollars from my tax returns but not sure if that means that if the present value of my items are around $5000 it doesn't matter.
There generally is a limit. However, I suggest that you speak with a local accountant to better guide you.
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Unless Florida has a unique set of income taxation statutes, most states follow Federal (I.R.S.) guidelines for determining such matters.
The I.R.S. has a publication dealing with your question. It is Publication 526 and you can find it here: http://www.irs.gov/pub/irs-pdf/p526.pdf.
There are limits to what you can deduct against present year income (based on a percentage of adjusted gross income and the institution), discussion / examples of how to value the donated (non-cash) property, and rules concerning documentation and the necessary forms to complete and submit with your return.
As with just about everything the IRS does -- the Publication (which seeks to simplify and explain the statute) is complicated and you may wish to consult with a competent legal / tax professional.
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