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Is there a limit in Florida for how much I can donate items (not cash) to charities (TVs, toys, clothes) to get tax deductions?

Miami, FL |

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.

Attorney Answers 3

Posted

There generally is a limit. However, I suggest that you speak with a local accountant to better guide you.

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Posted

Why don't you call a tax lawyer in Miami? Try Ayuban Tomas at 305-705-6141.

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Posted

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.

Good luck!

Colorado practice limited to bankruptcy, federal tax law and related laws under U.S. statutes before the United States Bankruptcy and District Courts for the District of Colorado. We are a federally designated debt relief agency and help people and companies file for bankruptcy protection under the U.S. Bankruptcy Code. Feel free to visit our website for more tax and bankruptcy related information and contact us if we may be of further assistance. www.ScottPaulLaw.com

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