I just finished my TurboTax return but I have noticed that the free advice is gone now. It seems you have to buy the additional disc for deductions . I was just wondering what the legal limit is for charitable donations without a reciept? For example if you dropped off stuff at a Goodwill or Salvation Army. They give you an amount but I can't seem to find it on the IRS website or the TT disc. I won't hold you responsible if I get audited. Hopefully that won't happen.....I try and play by the rules.
I think it depends on if you itemize or not, and is based on your income. But I ain't a tax attorney, so your milage may vary. Jay
I believe the max is $500. If you didn't itemize Turbo tax should have given you the max emount allowed.
http://www.irs.gov/newsroom/article/0,,id=104347,00.html The IRS also reminds taxpayers to keep appropriate records to substantiate the value of their gifts. For example, for any single gift of $250 or more, a taxpayer must have a written acknowledgement from the charity by the earlier of the date the person files the tax return or the filing deadline, including extensions. A person donating property valued at more than $5,000 must obtain a qualified written appraisal.
Bulls are color blind. I am just asking what I am legally entitled to claim. I am terrible at keeping receipts and I give to the Amvets and Goodwill,Salvation Army etc. but rarely remember to ask for a receipt.
For each gift over 250 you must have a letter from the charity. You should get a letter even if you donate less in case the Feds audit (rare, but this is one of the things the feds take a look at when deciding to audit. If you have over 250 total but each one was less than 250, then a letter is not required. ex tax accountant
Hey Root, pm mre your phone number that I can get ahold of you Monday and I'll have my brother answer your questions. I work for a CPA firm so I guess it could be legal advice. Happy Trails, Mick
It's Ok guys, I have receipts for about 200 bux I'll leave it at that. Next time I'll make sure I keep all the receipts.
Root, don't feel like you can't take what you deserve just because you don't have a receipt. Wow, that last sentance had a lot of don'ts in it!!! You should take everything you are correct to deduct, that is legit to take. Don't give Uncle Sam any more than you legally are required to. If you did not get a receipt, the worse that can happen is if you are audited, the IRS will disallow the deduction and you will only have to pay the amount due plus interest. You will not go to jail or have a huge fine. I am not a tax attorney or accountant, but the IRS is not going to go after you like a criminal for a deduction that you failed toget a receipt for. Lesson to be learned: Save any and all receiptes for items that you can deduct. Assuming that you itemize instead of the standard deduction.
The IRS doesn't like it when I file anyway because I always file single and zero all year and then claim my 4 dependants at the end. It's the Roothawg non-interest bearing savings account.
[ QUOTE ] Bulls are color blind. [/ QUOTE ] okie hick... seriously, guess what fun i get to enjoy as far as my taxes go... i claimed 0 as well, and i got the w2 back and they only withheld (or claim they withheld) 10%! YOU F#@KING BET! so i get to go through the pay stubs and try to make sense of that one... i sure as hell didn't get 90% of my "earnings". JOY!
For future returns I would highly recommend "Kiplinger's Tax Cut" software. http://www.taxcut.com/ 1. Easy to use. 2. Written by washington tax gurus 3. Best of all... AUDIT BUSTER!!! This compares you to others acrossed the country with similar deductions/income/dependancies. So if you're in the green you're good to go! If you take the time to read the software front to back you will learn of "tax year specific" allowances that MOST people will not even know exsist. For instance last year ('02) you were allowed to write off the full amount of any investment used for pleasure/ buisness. It was called the "sept 11th credit". Since somany people spent more time at home (buying computers, telescopes, whatever) they allowed you to depretiate the full amount of what it was. Instead of formulating its despretiation and salvage value normally. I personally think it is fair to "add value" where you can. I feel bad for my mother who has been ingnorant to the "tax game" and has filed the standard boxes not knowing what and where you can deduct. Sorry if I rambled too much... j
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