Welcome Guest. Register Now!  


Itemized Deductions Schedule-A


Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 12-31-2009, 03:34 PM
Junior Member
 
Join Date: Dec 2009
Posts: 1
medical donations

my wife donated a BAHA hearing device to her doctors hearing clinic. it is worth approx. $8000.00,can we deduct this on our taxes.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 01-02-2010, 06:06 PM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,399
Blog Entries: 3
Yes, I believe you can and it must be separately stated on Form 8283. According to the IRS, "if a taxpayer claims a deduction on their tax return of over $500 for contributed property, that is other than cash, that taxpayer must attach a Form 8283 (PDF), Noncash Charitable Contributions, to their 2009 tax return."

1. Rules for Deductions of Less than $5,000
The IRS requires that if "you claim a total deduction of $5,000 or less for all contributed property, you need only complete Section A of Form 8283."

2. Rules for Deductions of more than $5,000
The IRS requires that "if you claim a deduction of more than $5,000 for an item or a group of similar items, you generally need to complete Section B of Form 8283, which requires, in most cases, an appraisal by a qualified appraiser."

In addition, the IRS requires a "Declaration from the Appraiser" along with their signature and business address on page 2 of Form 8283. You may click on the following link below to view the IRS form 8283.
http://www.irs.gov/pub/irs-pdf/f8283.pdf

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Job related medical expenses clfarms Sole-Proprietorship 0 04-06-2009 04:51 PM
What is meant by Fair Market Value with respect to Donations? chrisk Miscellaneous 1 05-05-2008 11:35 PM
Whose Medical Expenses Can I Include under Medical Expenses on Schedule A? presley Medical 1 03-13-2008 09:57 PM
What are the IRS rules regarding 2007 donations of cars exceeding $500 in value? BebopVT Itemized Deductions 1 02-29-2008 03:35 PM
What are the rules for Non-Cash Donations not involving vehicles? Cooper Miscellaneous 1 02-29-2008 01:13 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning