We were given a refrigerator worth ~$800. We were unable to sell it so we donated it, listing the value as $600. From what I've gathered, the deduction is marginal considering my tax bracket,deductions,etc. Assuming i receive even $120 credit (%20 of the value) towards my tax refund, thats a legitimate profit off a free item. My question: Can one donate 50% of their anual income in items they've found/procured and see a benefit annually? If so, what's to stop a person from dumpster diving/donating for profit? Can my wife take every "FREE" item from craigslist, donate it, and essentially have a part-time income? thanks, this is my first PF post and its semi-serious
Submitted July 13, 2016 at 06:52PM by tattooer3246 http://ift.tt/29IQmOZ personalfinance
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