Posted on 10/04/2018 7:01:41 AM PDT by Zakeet
I donated to one of the vet orgs that picked up clothes I placed in garbage bags on my front porch. There were six full garbage bags because I had lost over 50 pounds and they were way too big for me. The vet org left a receipt to which they filled out and entered 6 bags onto the form but left the dollar figure blank. I was told to fill it in up to 500 dollars. I threw the receipt away. I didn’t need it when I don’t have to fill out a tax form on disability income from the VA.
Well when the designer donated the clothes to Elizabeth Warren, the designed said they were worth $200,000. At lease that what he deducted on his taxes?
Ok, Ok...... here’s the reasoning
For an average donation of clothing the IRS guy advised the 25% was a good approximation for fair market value
I would think for the donation to be valid, Princess Gray Beaver is required to provide a receipt from the agency receiving the donation
The year we downsized from a 4000 sq ft house to a 1300 sq ft apartment, we gave away a ton of stuff. $1800.
My accountant recommends, where there isn’t an independent appraisal of fair market value, taking 20% of the original price.
So who appraised her used clothing?
I did a tax return for a deceased couple that, based on the pictures their kids brought, could have easily claimed close to $50,000 for all of the furniture and clothing donated.
Items that did not sell at the estate sale ...
Really?...$50,000 of old pantsuits,pots and pans???
Did the Mooch pay for anything while they were in office? Hitlery must go to the Goodwill based on the tablecloths and toaster covers she wears.
And you can push off the calculation of what is “fair market value” onto a third party.
https://turbotax.intuit.com/personal-taxes/itsdeductible
Makes it easy..:^)
I like the name “Sh!tting Bull”
If you call the IRS again you will get a different answer.
And if you call the IRS a third time, you will get a third different answer.
I’ve experienced this.
Keep going until you find one who has an answer you like and who closes the open case.
("Ooga-Chuck-outs, Ooga-Chuck-outs, Ooga-Chuck-outs. Ooga-Chuck-outs...")
Designer hospital gowns ?
I would document the name of the IRS agent and his or her ID. Then I would document the time, date, and write down exactly what they tell you.
When or if you get audited, you will have proof of what you were told.
The entire contents of our house doesn’t come close to $50k.
Lying liars lie
And what’s the fair market value of used clothes?
Should have held that info quiet until we see how close she might get to the 2020 or 2024 presidential nominations.
Could have been her October surprise.
I use a program that provides the “value” for most things, based on my assessment. I generally just pick the worst assessment, so I feel pretty safe in my donation valuations.
Remember when Bill Clinton was taking tax deductions for his used underwear?
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