Tetsuei

Mainly for Hiro (from what we talked about last week), but this is good information to know.

Starting this year (meaning applicable to last year's tax returns), if you itemize your deductions and are planning on writing off charitable contributions:

You cannot deduct ANY contribution of a cash, check or other monetary gift unless you maintain as a record of the contribution a bank record or written communication from the donee organization showing its name, date, and amount of the contribution.

If the donation is above $250, you have to have a receipt, a cancelled check isn't enough.

Noncash donations (i.e. Salvation Army) - you need a detailed description of the items donated, and must include it with your tax return (unless e-filed). So instead of "3 bags and 4 boxes", an adequate description would be "5 shirts in good condition, 4 pairs of shoes in excellent condition" or something to that end. In addition, the items must be in good used condition, meaning you can't take a deduction for that broke a** lamp or stereo.

stooken

Mine was only $25 but I still have the confirmation e-mail so I'll be sure to bring that.

Thanks!

Tetsuei

forgot to add something, it's in italics.

Tetsuei

Oh, and I just saw something that a lot of you might like, there's a California Renter's Credit, I'll find out more information and post it here.

--If you have paid rent for at least half the year in California for your principal residence, there's a credit you can take, it's line 28 on page 2 of the California Individual tax return.

K2Rhiro255

Thanks for the info Steve!

How much can I get if I donate Mugen shirts?

Tetsuei

Sadly enough, how much it would cost at a thrift store.

rhayward

i do go to strip club and whore houses often so what category does that fall in

Tetsuei

I think there's an excise tax that you have to pay for that, like you do with alcohol and cigarettes.

stooken

I just found out you can write off your car registration.

Barely found out last year you can write off tuition too.

SOHCmyDOHC

I always thought it's been like that? You have to itemize all donations. I just moved and I donated a shit load of stuff!! I got like 6 receipts! Bad thing is I think I forgot where I put 3 of them!!