Donated new items

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    Donated new items

    Purchased $600 worth of new winter coats to an established tax exempt charitable organization. Do I have to fill in any additional forms or can this be included in my total charitable deductions?
     
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    Re: Donated new items

    In Response to Donated new items:
    Purchased $600 worth of new winter coats to an established tax exempt charitable organization. Do I have to fill in any additional forms or can this be included in my total charitable deductions?
    Posted by GeriSheehan


    Dear GeriSheehan:

    Dpnations of this tyoe should be listed as though they were cash contributions (newly bought goods donated at cost), provided you have a receipt or written acknowledgement from the organization in hand no later than the filing date of the return (including extensions).

    Hope this helps in preparing your returns!

    Mark H. Misselbeck, C.P.A., M.S.T., Tax Principal
    Katz, Nannis + Solomon, P.C.
     
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