Non-cash charitable donations
Summer is here and it is a time to clean out the garage, the attic and all those places where we pile our unwanted stuff. Garage sales are everywhere in Fort Wayne these days and are a great way to get rid of some of your unwanted or outgrown items. Another way is to donate them to a local charity and get a tax deduction for your donation.
In order to take a tax deduction for non-cash donations, the items you donated must be in good condition and you must have a receipt from the charitable organization the items were donated to. Most of the receipts I have seen from Fort Wayne charities are blank.
There is a cool website you can use at goodwillsew.com. This website will let you fill in the items you donated and will calculate the amount of your deduction. Fill this form out, print it off, staple it to the receipt you get from the charity, and file it with your tax papers. Come tax time SBS CPA Group will take the deduction for you on your income taxes. It is amazing how quickly the deduction can grow if you take the few extra minutes to itemize everything you donated. Having an itemized list such as this will also help your CPA prepare your income taxes more efficiently.
There are many great charities in town that will accept your donations. Most items can be donated to Goodwill or the Salvation Army. The Mustard Seed Furniture Bank takes donation of gently used furniture and they will even come pick it up for you. Huntertown United Methodist Church has a clothing bank that accepts clothing donations and career
clothes to help people in need. The Allen County Library will accept donations of books that you are looking to get rid of. There are many other really great charitable organizations that will take your donations as well.
So get cleaning! Clean out those closets and make good use of your unwanted items by getting a tax deduction for donating them. If you have any questions, call your CPA at SBS CPA Group at 260-338-0833 or send us an email!
Karena Sylvester, CPA