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Donating it is often a great idea. Don't forget the tax writeoff, which depending on your bracket is kind of like gaining 25% of the "retail value" of the item!
by wikwocket 13y ago
Donating it is often a great idea. Don't forget the tax writeoff, which depending on your bracket is kind of like gaining 25% of the "retail value" of the item!
- wffurr 13y agoIt takes a lot for itemizing to work out. You either have to give more than ten percent to charity, or have other sources of itemizable expenses.
- sparky 13y ago> other sources of itemizable expenses The interest payments in the first half of most mortgages get you close to the standard deduction. Only works for owners, but it's still a relatively common one.
- sokoloff 13y agoAnd your choice of state income tax or state sales tax. (for most people state income tax is far higher, and f easier to determine/prove.)
- wikwocket 13y agoYes, if you pay a mortgage and property tax, you should probably itemize. And/or if you have a lot of medical expenses. Or, if one has a corporation (for freelancing, a SAAS, whatever), maybe the corporation could donate the stuff instead? I'm not sure how charitable donations work for corps, but might be worth exploring.
- covercash 13y agoI've recently started testing something along those lines in order to fund patients on watsi.org. It's like Goodwill and Gazelle.com having a baby - you send us your used electronics and get a tax write off, we sell them and give the money to the nonprofit of your choosing. If anyone is interested, http://blog.give3.org http://blog.give3.org has a few of the items I've sold so far.