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Giving
to a charitable organization can benefit you both. You are able to take
tax deduction only when a charitable organization has that status
register at the IRS. State, county and local governments don’t
establish the charitable status of an organization. If you don’t know
the organization is charitable either ask them or visit web site http://apps.irs.gov/app/eos/. Take
note on the web site if there are limitation concerning your donation.
Also, please
CLICK HERE to visit our Thrift Store discussion.
Pros:
- You may take a charitable tax deduction on your
taxes.
- They
are willing to accept most used articles as donations. Some will not
accept certain articles, so please check with them before you load your
car.
- Have regular buyers who are looking specifically for
this type of articles.
- You should receive a list of your donated articles
for your tax records.
- Charitable organizations will not determine value;
you are responsible in determining the value.
- Only
the organization has your personal information and only when it
determined the value is over a certain amount. Please check with your
accountant or the IRS web site for this requirement.
Cons:
- No money gain.
- They have the right to reject any item for their
consideration.
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