Sure. But have you *heard* of the concept of charitable deductions? OP hasn't. |
So give the receipt from your donation to them as well. Done! |
| OP has 300K income but has no idea how taxes work. |
I assume it’s to get people to donate. Seriously. Lazy people will throw perfectly fine stuff away, but it’s a narrative that works. |
| Sell the stuff and pay off your mortgage. |
People with more income and more deductions than you, who do itemize. It troubles me that your vote counts the same as mine does, OP. |
It's because by law they have to for charitable donations over $250. https://www.irs.gov/charities-non-profits/charitable-organizations/charitable-contributions-written-acknowledgments |
But even if you use an accountant, they review your filing with you! Taking the standard deduction or itemizing is a very, very, very basic tax question. |
Did you read the post? She said they’ve never itemized before so no one would have explained it to her. She then asked (very politely!) for someone to explain it to her. Maybe message boards aren’t for you. |
Ignorance isn’t something to wear like a badge. Even my teenager knows the difference between a standard deduction and itemizing on a tax return. |
Sorry, my husband handles any questions. I just know we've never given her (our CPA friend) any documents about charitable donations. |
I'm OP. I've heard of charitable deductions but I don't know how it works. I guess I just assumed it's for super wealthy people or business owners or unique tax filers, while we're really normal middle class people with normal careers. I asked nicely if this could benefit us in any way. Just trying to learn. Thanks. |
People who give more overall to charity. We'll give about $40-50k this year in cash/equivalent donations, then maybe $1k in "stuff" to various places. FYI: the new tax bill imposes a floor for deductions in 2026, so if you can accelerate 2026 donations into 2025, it's worth doing so tax-wise. One charity we give to every year at a certain level, and they're happily accepting our 2026 donation now and applying it (for donor-level purposes) to 2026. For that charity, giving at a certain level gets you some additional "benefits" that's why we give at least that much each year. |
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OP, two questions:
1. How much per year do you think you pay in mortgage interest? Just the interest -- not the principal 2. How much do you pay in state income tax and property taxes combined? If the answer to all of the above is more than 30k a year, then it makes sense to itemize and include your donations. If the answer is less, it doesn't |
Oh bugger off. Itemizing vs standard deductions aren’t some big mystery that someone has to explain to OP. This info is literally everywhere. |