Goodwill always asks if I want a receipt for my donation, but I decline because its usually just a few shirts or small furniture items. At what point do donations become a real tax benefit?



  1. 0 Votes

    Depending on your tax laws, most donations and tax deductions aren’t really beneficial until you own a home. This is because most couples filing together already get a tax deduction the is assumed to encompass many things, including donations. Once you own a home, those deductions change and it more important to keep track of donations, medical bills, and other like items that can give you a tax deduction. Talk to a tax professional for more information.

    It also depends on how often you are donating. A shirt here and there might not amount to much, but if you’re doing that once a month, it can make a real difference.

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