For tax purposes with charitable donations, do I need the original purchase receipt in order to claim it as a deduction?

Similar questions: tax purposes charitable donations original purchase receipt order claim deduction.

You do not need the original receipt. You just need the receipt from the charitable institution. The IRS allows you to calculate the donations in one of the following ways.1.

Thrift shop value2. Appraisal3. Catalog4.

Consignment shop value5. Average share price (for gifts of stock)6. Comparative sales7.

Replacement cost new8. Present value9. Reproduction cost less depreciation10.

Capitalization of income. Some things depreciate faster than others. For example, a $400 suit you bought in 2009 and wore five times, but now does not fit because you gained 50 pounds would sell for more a a salvation army store than a $25 shirt you bought in 2009.

The standard deduction does not apply if you itemize deductions. If the IRS wants to know the value of something you donated, you can go to catalog on a web site and print the description of the item and the cost. The IRS usually does not bother with charitable deductions unless you are giving away more that 50% of adjusted gross income.

The IRS will only allow you to deduct 50% of AGI.

Thrift shops give a verification that you donated and you're expected to declare the value yourself. Meanwhile, the IRS generally accepts the value of your declared donation, up to a point. Keep in mind that the IRS gives each tax filer a "standard deduction" that is so much that exceeding it with "donations" would be very difficult.

If you do exceed that amount, the IRS will likely ask for proof of some kind.

That's one way of doing it, but only for a brand new item that doesn't depreciate, such as food. Used items, such as clothing, you have to prorate the cost. If you buy a shirt for 50 dollars and wear it a few times and donate it, the amount you can deduct is only a few dollars, far less than the original value of the purchase.

My folks named me in their chapter 7. I did not file a proof of claim, can I still use this as a deduction on my taxes? " "charitable donations.

My folks named me in their chapter 7. I did not file a proof of claim, can I still use this as a deduction on my taxes?

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