ripvanwinkle
Well-Known Member
All that is necessary for evil to succeed is that good men do nothing - Edmund Burke 1729 -1797
Joined: Jan 9, 2011 22:36:42 GMT -5
Posts: 1,356
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Post by ripvanwinkle on Sept 11, 2011 16:31:59 GMT -5
How much dollar wise is a donation. My sister and I are at odds on this.
I say if you donate $100 of clothes or other stuff you do not get a the full $100 off your taxes. You just get a percentage.
My sister is adamant that you do get the full $100. I have a Olive Garden dinner riding on this.
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mwcpa
Senior Member
Joined: Jan 7, 2011 6:35:43 GMT -5
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Post by mwcpa on Sept 11, 2011 18:51:27 GMT -5
an allowable deduction lowers your taxable income....it is not a dollar for dollar reduction of tax
for argument sake.... you itemize deductions already, you are not in the AMT, you are in the 25% tax bracket....
a $100 charitable gift will save $25 in federal income tax.
Olive Garden.... I am not so sure I would want to win.... not a fan.... I guess I am spoiled with too much "real" Italian food in NYC when I want it (was up on Arthur Avenue in the Bronx for the first time in many years last weekend)...
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Deleted
Joined: May 2, 2024 20:48:05 GMT -5
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Post by Deleted on Sept 11, 2011 18:53:00 GMT -5
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