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Reply to "Giving .4% of $260,000 to charity"
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[quote=Anonymous]When I worked for a Big4 firm, I prepared tax returns for a few millionaires. One old lady was so generous, had about 40 receipts showing a cash contribution of $500-$2000 on each and donated an art work to the museum that was professionally appraised at about $40K. Some other millionaires' contributions were listed on a piece of paper as "Donated various household items: clothing, toys, silverware, etc. Value: $4000". And they attached a meaningless Goodwill receipt. We reflected their charitable contributions on their tax returns based on the pieces of paper with the hand-written descriptions, but I somehow didn't believe that the true value of their donated used household items was so high. Yet, the numbers looked high on the tax return.[/quote]
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