Posted by If you Itemize on June 02, 2014 at 07:34:48 from (65.0.128.162):
In Reply to: Donating a tractor posted by kopeck on June 01, 2014 at 16:46:55:
The donation will only count on your income tax if you itemize. If you use the standard deduction it will not help. The amount you would see if you itemize would be the amount of the reciept x the tax bracket you are in. If they list it at $500 and you are at 15% your tax would be reduced $75, at 18% the change would be $90. You are not going to gain the stated value of the item.
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Today's Featured Article - Uncle Cecil's Super A Lives Again - by Mike Purcell. A week or so out of most of my childhood summers was often spent with my Uncle Cecil and Aunt Sissie in the small East Texas town of Maydelle on their 80 acre farm. Some of my fondest memories of these visits are those of learning to drive a tractor at the helm of Uncle Cecil�s 1948 Farmall Super A. Uncle Cecil was the second owner of this wonderful little tractor, but it was almost as though he had adopted an infant. The original owner was a man from Minnesota who bought her from a local dea
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