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Tax Deduction Consulting: Value of Donated Items Washington DC

It is sometimes possible to see a certain logic in the Internal Revenue System's tax codes. When people donate items and money to charity, this helps society in general, and the tax deduction exists to encourage people to do it. When you are planning on claiming your donated items, the tricky part is determining what is considered to be their fair market value.

Joseph Bonaccorsy
2011 Crystal Dr.
Arlington, VA
Company
Title: Financial Advisor
Company: Core Advisory, LLC
Type
Registered Investor: Yes
Education
Florida Tech /CFP
American Intercontinetal/BA - Maga Cum Laude
Institute of Business Finance/MSFS
Years Experience
Years Experience: 15
Service
Wealth Management,Life Insurance,Investment & Portfolio Management,Long-Term Health Care Planning,Annuity Ideas & Strategy Planning,Planning For Personal Finances & Budgeting,Retirement Income Accumulation Planning,Business Income Tax Planning,Fee-Only Comprehensive Financial Planning,Stock Market Alternative,Disability Insurance,Retirement Planning,Real Estate Investment Planning,Commission-Only Financial Planning (Full Disclosure),Insurance & Risk Management Planning,Retirement Income Distribu

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Barbara J. OLeary (RFC®), CEP
(703) 370-7666
101 South Whiting Street Suite 203
Alexandria, VA
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Years of Experience: 18
Membership
IARFC, NICEP
Services
Invoice, Estate Planning, Portfolio Management, Retirement Planning, Tax Planning, Tax Returns, Employee Benefits, Stocks and Bonds, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Healthcare Accounts, Compensation Plans

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B. Frank Doe (RFC®), CFP, MBA
(703) 272-7177
10560 Main Street, Suite 316
Fairfax, VA
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Frank & Darby Doe
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Education: MBA
Years of Experience: 33
Membership
IARFC, FPA
Services
Invoice, Estate Planning, Business Planning, Retirement Planning, Tax Planning, Tax Returns, Mutual Funds, Annuities

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Express Tax Svc
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1541 7th St NW
Washington, DC

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Multistate Tax Commission
(202) 624-8699
444 N Capitol St NW Ste 425
Washington, DC

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Charles Stough
1940 Duke St, Suite 200
Alexandria, VA
Company
Title: LPL Wealth Planner
Company: WealthPath LLC
Type
Investment Advisor Rep: Yes
Education
University of Oklahoma/MHR
University of Florida/BA
Years Experience
Years Experience: 7
Service
Pension for Highly Compensated Owners,Income for Life/ Preserve Principal,Alternative Investments,Retirement Planning,Long-Term Health Care Planning,Business Succession & Liquidation Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Hourly Financial Planning Engagements,IRA, 401k, Roth IRA, QDRO Rollovers,Wealth Management,Annuities,Alternative Asset Class Planning,Annuity Ideas & Strategy Planning,Planning For Personal Finances & Budgeting,Retirement Income Accumulation Planni

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Mr. Vijay K. Khetarpal (RFC®), CFP, CHFC, CLU
(703) 356-4888
8607 Westwood Center Dr #300
Vienna, VA
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Integrity Financial Group, LLC
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Education: B.A (Honors) Economics, St. Stephens College, DelhiAll India HS Humanities, Mayo College, Ajmer
Years of Experience: 27
Membership
IARFC, MDRT, FPA, SFSP, NAIFA
Services
Invoice, Estate Planning, Business Planning, Pension Planning, Executive Compensation Planning, personal Coach, Retirement Planning, Tax Planning, Employee Benefits, Stocks and Bonds, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Education Plan, Healthcare Accounts, Asset Protection, BuySell, Compensation Plans

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(866) 388-0110
2135 Defense Hwy Ste 6
Crofton, MD
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The Planning Companies
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Years of Experience: 19
Membership
IARFC, NICEP
Services
Invoice, Estate Planning, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Seminars Work, Employee Benefits, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Charitable Planning, Education Plan, Healthcare Accounts, Charitable Foundations, Asset Protection, BuySell

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Atab Tax Service
(202) 829-2822
536 Columbia Rd Nw
Washington, DC
 
Jackson Hewitt
(202) 588-1885
251 Florida Avenue
Washington, DC

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Tax Deduction Consulting: Value of Donated Items

Tax Deduction Value of Donated Items

When you make a donation to charity, it gives you a warm glow inside. That glow should not make you forget the tax deduction value of donated items.

It is sometimes possible to see a certain logic in the Internal Revenue System's tax codes. When people donate items and money to charity, this helps society in general, and the tax deduction exists to encourage people to do it. When you are planning on claiming your donated items, the tricky part is determining what is considered to be their fair market value.

The IRS defines fair market value as the price that would normally be paid between a buyer and a seller neither of whom absolutely had to buy or sell the item. It is fairly obvious that this is by no means a precise science. The way it really works is to make a fair and logical estimate. Then, you just hope that the IRS sees it your way. The IRS does print some guidelines that can be of help, but ultimately, the value is going to be what you and the IRS agree is fair.

Of course, you are not going to have to defend you estimate of the fair market value of your donated items unless you are audited. To prepare for that eventuality, you can do several things. The most important is documentation. Original receipts are good. Also, receipts from the agency that received the donation. On larger items, it is helpful to take a photograph or video to prove its existence and its condition.

There are a couple of limits and requirements that you need to know. You can only claim charitable deductions up to an amount equal to 50% of your gross adjusted income. If you have more than this amount, they can be carried over to the next year. If you claim more than $500 worth of donated items, you must include a Form 8283 Noncash Charitable Contributions. If the value of any single item is $5000 or above, you must have the item appraised and there is a schedule with Form 8283 for this purpose.

The secret for determining the tax dedu...

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