Non-Cash Contributions for Tax Time Benefits
Updated: Sep 15, 2017
For taxpayers that are itemizing, you can take advantage of a generous tax deduction from the IRS for non-cash contributions.
If you donate clothing, small household appliances, etc. to a certified 501(c)3 such as Goodwill or the Humane Society Thrift Store in Gulfport, make sure and obtain a receipt indicating the items donated, date, and value. If you donated $1500 (thrift-store value) of items and you're in the 25% tax bracket, it would result in $375 tax savings. Please keep in mind, but do not be deterred, that if you have over $500-worth of a non-cash contribution, form 8283 will need to be filed.