Tuesday, November 16, 2010

IT IS DONATION SEASON AGAIN. GET YOUR TAX CREDITS NOW.

Donating items to charitable organizations benefits not only all of the worthy causes out there but you, the taxpayer, as well. For those who don't know, when you donate an item to charity, you may deduct the appraised amount from your federal taxes. You must make your donation within the same calender year as you are filing for and, for items over $500.00, obtain an appraisal (also tax-deductible) from a state licensed appraiser such as The St. Lucie Appraisal Company. We will also provide you with a completed IRS Form # 8283.

In Florida, along with the well-known charities like The Red Cross,  The Salvation Army and Feed the Children, there are local organizations including Episcopal Charities of Southeast Florida and A Second Chance Puppy and Kitten Rescue and Treasure Coast Hospice.

One of the advantages to donating items such as electronics and automobiles is that depreciable items such as these will tend to be at worth a lot more now than in a few short years. This is especially true if parts necessary to make vital repairs become unavailable. Another factor to consider is the market. Except for the highest-end items, these may include collectibles, antiques, boats, etc., merely valuable tangible personal properties aren't attracting the number of buyers they once did. Our appraisals reflect market values which are based on what someone will pay for something in an arm's length transaction.

IRS Publication 561 can help explain more about the requirements and benefits of donating. Our company performs market value appraisals throughout South Florida. Email contact@stlucieappraisal.net if you have any questions or comments about this article.