Questions come into my email box daily. Sometimes the question is good enough to share with my readers. Just like this newest question- Should I donate some of extra stockpile would I be able to claim as a dectution on my taxes?
I had to do some research about the who question but after asking 3 tax people and a CPA I found they all had the same answer. They said yes it would be a deduction. They even said that you don’t get a deduction on the price YOU paid after the sales, coupons but you will get price of retail value. So example you pay $1.50 for a $10 razor you can dedut the $10 price. Yes I know it is great news to read because keeping up with what you paid at times can be a pain, I understand I do it monthly for my bills.
So the last they told me is, that you don’t have to have keep each and every receipt but yes you should always list on a paper what you donate and staple it to the paper the donation center gives you. If it is a BIG enough donation I even take a picture and print from my phone and staple together with it. Also you may want to file it away with other tax stuff so when the new year comes you are prepped and ready to use for your tax write off.
Note- That I am just telling you what some of my tax friends told me, so make sure you talk to your tax person before you write it off.
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