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03-22-2008, 09:38 PM
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| Deducting Donations - Taxes?
Can I deduct a donation to the salvation army (SA) in 2007 if I make it in 2008 prior to 4-15. TurboTax won't allow me when I enter a date in 2008. Do these folks at the SA know what documentation they should give you for your taxes or do you have to tell them?      |
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03-22-2008, 09:39 PM
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As long as you know how much you gave away and what the value of each item was when you purchased it and the fair market value of it when it was donated, you may deduct it next year. You can't deduct it if you donated it this year because that's illegal.
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03-22-2008, 09:40 PM
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No you can not take a deduction for something that you donate in 2008. The "SA" folks are not able nor should they provide you the value of items that you donate. It is your responsibility to establish that. The IRS has made it rather difficult in the last couple of years to take deductions for non descript items give to the "SA" or other such organizations.
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03-22-2008, 09:40 PM
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You cannot deduct it on your 2007 return. You can deduct it on your 2008 tax return in a year from now.
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