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USA - Claiming a donation on taxes


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Posted

Years ago my parents gifted me a small RV/Camper. I got a lot of use from it and invested a lot of money in it for maintenance and repairs. This past year I donated it to one of those charities that takes cars and gives a tax credit in return. The credit was $1,500. Recently I briefly looked at what would be involved to claim the donation on my taxes, and the form requires me to indicate how much I paid for the vehicle. I paid $0, it was a gift, and I want to be honest about that. It also asks for the current market value, about $2,000. I'm just trying to get a feel as to whether I am likely to be approved for the tax credit or not since I paid nothing for the RV. I have no other exemptions, so I normally just file the quick and easy EZ form. If the tax credit is unlikely, I'd rather continue with the EZ form. If it is likely, I'll file the longer form. Any advice is appreciated.

Posted
On 12/7/2020 at 10:33 AM, ColeBOzbourne said:

I have no other exemptions

 

As the 'Standard Deduction' (single, 2020) is $12,400 I'm not seeing why you might consider itemizing expenses. 

 

I think the 1040EZ was eliminated from 2018.

 

You should be filing a 1040. And just take the standard deduction.

Posted
On 12/14/2020 at 7:31 AM, mtls2005 said:

As the 'Standard Deduction' (single, 2020) is $12,400 I'm not seeing why you might consider itemizing expenses. 

 

I think the 1040EZ was eliminated from 2018.

 

You should be filing a 1040. And just take the standard deduction.

Thanks for your reply and you are correct. I just looked at my papers and I did file the 1040 last year and I took the standard deduction which was $12,200. I was hoping to take the standard deduction again this year AND also claim the donation of the RV Camper. Maybe it doesn't work that way, I don't know, that's why I'm asking for advice. I've looked over the 1040 form and can't find a place to claim donations. Are you saying that if I itemize and claim the donation ($1,500), then I cannot claim the standard deduction ($12,400)? And if that's the case, the standard deduction trumps the donation. Thanks for any insight you can give me.

Posted

Update: Ok, one minute on google and I answered my own question. It's an either/or deal, I can't itemize and also take the SD. Thanks for bringing that to my attention, mtls2005, because I never realized how that worked before. I'll take the SD on form 1040.

Posted

Yes, it's either/or.

 

There's also a kicker to the standard deduction for +65 YO, +$1,300, so $13,700 in total.

 

And if you did not receive your stimulus check or dirdep, you can claim that on your 2020 1040.

 

 

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