The Evil Genius Posted December 30, 2002 Share Posted December 30, 2002 Are their any resident tax experts here? Here's my dilemna --- I was cleaning out my closets last night and I have a lot of clothing (maybe a few hundred dollars worth) that I want to donate to charities (like Salvation Army). As long as I donate it by tomorrow - its tax deductible right? The question is... how do you claim it on your taxes? Moreover, is it worth the hassle on your taxes? Will it count for anything or will I still just get my standard deduction. Going to donate clothing either way - just wondering... Link to comment Share on other sites More sharing options...
redskin56 Posted December 30, 2002 Share Posted December 30, 2002 If you itemize your deductions then a charitable contribution will be allowed. If you don't itemize then I don't think you can get a deduction for charitable contributions. (I think). I'm not an accountant but that's my take on the tax thing. Link to comment Share on other sites More sharing options...
Kilmer17 Posted December 30, 2002 Share Posted December 30, 2002 Thats it in a nutshell. You need to use the long forms to benefit from the tax break. Link to comment Share on other sites More sharing options...
The Evil Genius Posted December 30, 2002 Author Share Posted December 30, 2002 Ok - but will I be able to claim my standard deductions as well as any deductions to charities? Thanks... Link to comment Share on other sites More sharing options...
Kilmer17 Posted December 30, 2002 Share Posted December 30, 2002 no, it's one or the other. Unless you have a bunch of deductions, you'd be better off staying with the EZ form and using the standard deductions. Im not a CPA, but if you have the following, you should itemize 1- a sales position requiring driving. 2- home office 3- a self made expense acct (ie, you use your own CCs as payment). Link to comment Share on other sites More sharing options...
The Evil Genius Posted December 30, 2002 Author Share Posted December 30, 2002 Thats what I thought Kilmer - thanks man. I already deduct student loan interest - but thats done via a different route. Thanks for your help. Link to comment Share on other sites More sharing options...
redman Posted December 30, 2002 Share Posted December 30, 2002 You can only deduct a home office if your place of business doesn't provide one. Obviously, if you work at home, then that's different. But if your employer provides you a place to work, then it's non-deductible. My wife and I just asked a tax attorney that very question. Link to comment Share on other sites More sharing options...
Kilmer17 Posted December 30, 2002 Share Posted December 30, 2002 Not true Redman. I've been deducting for my home office for 3 years now. Now, I do actually WORK from home a couple of times a week, so that may be a distinction between having a PC in a bedroom and calling it an office and actually having work phone and work computer and files in a seperate room. Link to comment Share on other sites More sharing options...
redman Posted December 30, 2002 Share Posted December 30, 2002 Bully to you if you're getting away with it. But that info came straight from the horse's mouth. Link to comment Share on other sites More sharing options...
Kilmer17 Posted December 30, 2002 Share Posted December 30, 2002 Ive already got a call into my CPA to make sure. Link to comment Share on other sites More sharing options...
redman Posted January 8, 2003 Share Posted January 8, 2003 Kilmer- I'm curious, what did your tax guy (gal?) say? Link to comment Share on other sites More sharing options...
Brave Posted January 8, 2003 Share Posted January 8, 2003 Oops! Wrong thread. Link to comment Share on other sites More sharing options...
Kilmer17 Posted January 8, 2003 Share Posted January 8, 2003 He said that it's a legit deduction because I do work out of the house as well as my regular office. I have a seperate phone line and it is a real office. The distinction is from a spare bedroom with a home computer in the corner. Link to comment Share on other sites More sharing options...
joe Posted January 8, 2003 Share Posted January 8, 2003 I too work at home and at the office. I cannot take the deduction because the home office must be your MAIN office and mine is not. BTW, one of the recent changes in the tax law might have been to allow some deductions for charitable contributions even if you take the standard deduction. I know that there was some talk of this and it might not have taken effect yet (or it might have been killed in committee) But check it out before you sign on the bottom line. Link to comment Share on other sites More sharing options...
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