Since it is kind of a pain to keep track of this stuff, I would recommend double checking to see if you are still eligible to itemize your deductions under the new tax code. If you aren't going to be able to itemize, you might as well save the trouble.
If you click it on the tax receipt it will give you an itemized list of what you put in the boxes that you can copy to your local donation copy from whatever charity you are actually donating to.
Since it is kind of a pain to keep track of this stuff, I would recommend double checking to see if you are still eligible to itemize your deductions under the new tax code. If you aren't going to be able to itemize, you might as well save the trouble.
Definitely this. But if you are eligible, there's a website that TurboTax uses to estimate values of donations. I think it's Itsdeductible.com . I also tend to keep track on paper through the year with a chart like the one posted above, just kind of to know what I'm looking at. This year we haven't donated as much stuff as usual and it probably won't matter anyway with the new laws, so I haven't bothered
Post by goldengirlz on Dec 21, 2018 10:25:30 GMT -5
I use the TurboTax calculator. So for now, I just keep a running list of what I gave (item, quantity, condition) and worry about the value when we file.
Post by litskispeciality on Dec 21, 2018 10:58:03 GMT -5
Dumb question, how do you know if you're still eligible for deductions under the new code?
And my local Goodwill gives you paper reciepts. We donated a bleep ton of stuff when we cleaned out my dad's house this year. I can't find half the papers and can't remember half of what we donated. *sigh* oh well it is what it is.
Dumb question, how do you know if you're still eligible for deductions under the new code?
And my local Goodwill gives you paper reciepts. We donated a bleep ton of stuff when we cleaned out my dad's house this year. I can't find half the papers and can't remember half of what we donated. *sigh* oh well it is what it is.
You would choose to itemize if you are able to itemize more than what the standard deduction is now. For 2018, the new standard deduction is $12,000 single or married filing separate and $24,000 Married Filing Joint. So if you have allowable itemized deductions more than those limits, you would itemize and that would include your charitable deductions. Keep in mind though, that limitations on other deductions have changed, such as the state and local tax deduction is now capped at $10,000 for married filing joint ($5,000 single) - so even if you paid more than that in state, local, and property taxes, only $10,000 (or $5,000) counts towards your itemized total. That would mean you'd need $14,000 (or $7,000) more in other allowable deductions like mortgage interest, charitable deductions, etc.
Dumb question, how do you know if you're still eligible for deductions under the new code?
And my local Goodwill gives you paper reciepts. We donated a bleep ton of stuff when we cleaned out my dad's house this year. I can't find half the papers and can't remember half of what we donated. *sigh* oh well it is what it is.
You would choose to itemize if you are able to itemize more than what the standard deduction is now. For 2018, the new standard deduction is $12,000 single or married filing separate and $24,000 Married Filing Joint. So if you have allowable itemized deductions more than those limits, you would itemize and that would include your charitable deductions. Keep in mind though, that limitations on other deductions have changed, such as the state and local tax deduction is now capped at $10,000 for married filing joint ($5,000 single) - so even if you paid more than that in state, local, and property taxes, only $10,000 (or $5,000) counts towards your itemized total. That would mean you'd need $14,000 (or $7,000) more in other allowable deductions like mortgage interest, charitable deductions, etc.
As of right now, the SALT limitation is $10k for single and MFJ. It's only $5k if you're MFS.
You would choose to itemize if you are able to itemize more than what the standard deduction is now. For 2018, the new standard deduction is $12,000 single or married filing separate and $24,000 Married Filing Joint. So if you have allowable itemized deductions more than those limits, you would itemize and that would include your charitable deductions. Keep in mind though, that limitations on other deductions have changed, such as the state and local tax deduction is now capped at $10,000 for married filing joint ($5,000 single) - so even if you paid more than that in state, local, and property taxes, only $10,000 (or $5,000) counts towards your itemized total. That would mean you'd need $14,000 (or $7,000) more in other allowable deductions like mortgage interest, charitable deductions, etc.
As of right now, the SALT limitation is $10k for single and MFJ. It's only $5k if you're MFS.
Because of course it is, that totally makes sense. /s
I'm glad I don't have to itemize this year. I just looked at what our taxes will be like for 2018 and we're about $3000 under the standard deduction with itemizing. Our property tax was just over $10k (and limited to $10k) and our mortgage interest was around $9k. Throw in some cash donations to charity and we get a bit closer, but there's no way we donated several thousand dollars of stuff to Goodwill (and we donated a bunch of stuff). Anyway, I could definitely see itemizing still being worth it if you have a larger mortgage and thus more interest to deduct.