DAVID S. BABOIAN, CPA, PC

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1/23/2016

January 23rd, 2016

Read Now
 
TAX TIP OF THE DAY... IRS secret to clothing bin donations

The general rule is that you need a receipt in order to deduct clothing donations. But there is an EXCEPTION related to clothing bin donations. Requirements: 1) it has to be an un-manned drop off point where a receipt is not available 2) value must be less than $250 per drop off 3) you need to keep a log which details the time, date, location and listing of donated clothing.

This is an emergency procedure to salvage a deduction. Much better is to donate at a location where you can get a receipt. You would not be limited to the $250 per drop limit. Clothing is generally worth $100 per large Hefty bag.
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    David S. Baboian, CPA

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  • Home
  • Services
    • What we do
    • Are we right for you?
    • $99 Jump-start
  • Client zone
    • Individual clients >
      • Identity Theft - IRS Affidavit
      • Personal Financial Statement
    • Business & rental clients >
      • Example expenses
      • Mileage log
      • Petty cash log
      • Sales tax
      • W9 for subcontractor
      • Example Profit & Loss
      • Obamacare Self-employment Ledger
    • Payroll services >
      • Employee paystub portal
      • EMPLOYER set up forms
      • EMPLOYEE set up forms for new hires
    • Web Links
  • About us
    • Contact
    • Our team
    • Dave's resume
    • Dave's bands
    • Haunted Chamber
    • Picture gallery
  • Secure email