New Years Eve prompts last minute, tax deductible giving

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It's a generous time of year. Lots of Donations come in to charitable organizations on New Years eve. (KFSN)

It's a generous time of year. Lots of Donations come in to charitable organizations on New Years eve.

Bill Davis of Fresno drops stuff off at the Poverello House this time every year. "You get more than you can possibly use. I mean life is good so you got to share a little bit and you do it before the end of the year and get that little receipt for your taxman."

Paul Stack of the Poverello House says generosity, and a tax break motivate most of these end of the year donations. "We get that surge toward the end of the year for people last minute tax donations."

The IRS code says any donation that is in good usable condition can be deductible.

Bill Davis said what he was giving: " Multiple bags of men's clothes, work clothes, dress clothes and bunch of old steel toed boots."

The Salvation Army has a list online to help you value what you give. For example a pair of boots that may have cost $100 new are only worth from $3 to $20 as a deduction. Pants and shirts are valued at from $2 to $10. The rule of thumb is you can't deduct more than the price the item will sell for in the thrift store.

Tax experts say It's best to list and even take pictures of each item you are donating in the event of an audit. New items, or cash can be deducted at their full value.
Related Topics:
societydonationscharitycharitiespoverello housefresnogood newsFresno - Downtown
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