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Itemized Deductions Schedule-A


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Old 07-09-2013, 02:13 PM
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Charitable Contributions Rollover?

Hello,

I have a large number of books, clothes, and other items that I would like to donate. The combined FMV is about $1500.

I would prefer not to go through the hassle of completing Form 8283 since I have many items and don't have the basis/acquisition data on many of them.

To avoid filing Form 8283, is it possible to donate all of the items this year, then claim $500 worth of charitable deductions for this year and the next 2 years ($1500 total over 3 years). Or would I have to actually 1/3 of the items each year?

Thank you.



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Old 07-10-2013, 06:07 AM
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Join Date: Oct 2010
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Originally Posted by klj1789 View Post

#1;I have a large number of books, clothes, and other items that I would like to donate. The combined FMV is about $1500.I would prefer not to go through the hassle of completing Form 8283 since I have many items and don't have the basis/acquisition data on many of them.

#2;To avoid filing Form 8283, is it possible to donate all of the items this year, then claim $500 worth of charitable deductions for this year and the next 2 years ($1500 total over 3 years). Or would I have to actually 1/3 of the items each year?

#1;basically, when your contribution is item oriented instead of cash, you will need to fill out and file an IRS Form 8283 to capture the benefits of personal tax reduction. When you donate property to a charity, the IRS allows you to deduct its fair market value. It’s your responsibility to determine the value of your property donations. There are many ways you can do this, but regardless of the valuation method you choose, your estimated value must always relate to a realistic price that a buyer would pay for the item in the open market.Preparation of Form 8283 does not guarantee that you can deduct the entire value of your property donations in the current year. For most of the organizations you make donations to, the IRS limits your combined annual deduction to 50 percent of your adjusted gross income. In the unlikely event your deduction is limited this year, you can always deduct the excess on one of your next five tax returns.




#2; To deduct a charitable contribution, you must file Form 1040 and itemize deductions on Sch A of 1040, I mean unless you itemize your dedcutions , you can’t deduct it on your return. When you itemize, you cannot claim the standard deduction at the same time. Contributions are deductible in the year made. Thus, donations charged to a credit card before the end of 2012 count for 2012. This is true even if the credit card bill isn’t paid until 2013. Also, checks count for 2012 as long as they are mailed in 2012.



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