Posted by kopeck on June 02, 2014 at 07:52:18 from (169.244.178.130):
In Reply to: Donating a tractor posted by If you Itemize on June 02, 2014 at 07:34:48:
If you Itemize said: (quoted from post at 07:34:48 06/02/14) The donation will only count on your income tax if you itemize. If you use the standard deduction it will not help. The amount you would see if you itemize would be the amount of the reciept x the tax bracket you are in. If they list it at $500 and you are at 15% your tax would be reduced $75, at 18% the change would be $90. You are not going to gain the stated value of the item.
Yeah, I understood that bit as well.
I do need to see if this will be enough the itemize. If it's not enough to bump be over I guess the whole thing would be moot.
K
This post was edited by kopeck at 07:59:20 06/02/14.
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