Income Tax Return

[CryBoy]

What a crock of shit it is to itemize deductions. When we buy annual memberships to the zoo, museum, and arboretum, they tell us that these membership fees are tax-deductible contributions. Funny! I itemize everything, including clothing donations, interest paid on home loans, property tax, etcetera, and it comes up much less than the standard deduction of $11,900. Did I do something wrong? What is the point of claiming donations and such when it doesn't even come close to the standard deductions they give you???

Let me know what I am doing wrong.

 

[vinnie]

What a crock of shit it is to itemize deductions. When we buy annual memberships to the zoo, museum, and arboretum, they tell us that these membership fees are tax-deductible contributions. Funny! I itemize everything, including clothing donations, interest paid on home loans, property tax, etcetera, and it comes up much less than the standard deduction of $11,900. Did I do something wrong? What is the point of claiming donations and such when it doesn't even come close to the standard deductions they give you???

Let me know what I am doing wrong.

make more donations :0008

 

[Mr. Poon]

Mortgage interest and real estate taxes generally put you over the threshold, you've listed those, so not sure what else to tell you.

 

[kneifl]

Donations/Itemized Deductions

Donations/Itemized Deductions

Besides making cash donations there are other things you can do to get over the threshold. For example, there is a Salvation Army down the street from me and I make a lot of donations there. I donate old clothes, electronics that may be of use to someone that I don't want anymore, household items, etc. I make it a rule to not donate junk, I just throw away the item if it's junk. Anyway, you get the picture. The last time I checked you could donate (thrift shop value) under $4,500 without an appraisal. If you go above $4,500 I think you need a certified appraisal. Keep track of what you donated and be honest with it's value in case you get audited. This may help out with your taxes, gets rid of clutter in your house, and it helps others as well.

:0074

kneifl

 

[lostinamerica]

If your standard deduction of $11,900.00 exceeds your various itemized deductions on Schedule A, then you will get no federal tax savings from your charitable donations.

GL

 

[ryson]

What a crock of shit it is to itemize deductions. When we buy annual memberships to the zoo, museum, and arboretum, they tell us that these membership fees are tax-deductible contributions. Funny! I itemize everything, including clothing donations, interest paid on home loans, property tax, etcetera, and it comes up much less than the standard deduction of $11,900. Did I do something wrong? What is the point of claiming donations and such when it doesn't even come close to the standard deductions they give you???

Let me know what I am doing wrong.

Reading between the lines it sounds like you don't have any debt, congratulations! The sad part is we work our ass off to feed our families and are penalized via income tax for not having debt and living within our means.

 

[redsfann]

What a crock of shit it is to itemize deductions. When we buy annual memberships to the zoo, museum, and arboretum, they tell us that these membership fees are tax-deductible contributions. Funny! I itemize everything, including clothing donations, interest paid on home loans, property tax, etcetera, and it comes up much less than the standard deduction of $11,900. Did I do something wrong? What is the point of claiming donations and such when it doesn't even come close to the standard deductions they give you???

Let me know what I am doing wrong.

If you have owned your home a long time, you aren't paying much interest on the loan anymore so that is probably why you aren't exceeding the 11,900 threshold for using itemizing vs the standard deduction.

 

[CryBoy]

Reading between the lines it sounds like you don't have any debt, congratulations! The sad part is we work our ass off to feed our families and are penalized via income tax for not having debt and living within our means.

Yeah... We have paid off our '98 Nissan 200 SX and 2001 Honda Passport. The monthly mortgage on our home is under $400. Ain't rich, but satisfied. Wife is stay-at-home mom. Just looking to keep more of what I earn. All the donations and various deductions just can't add up to the standard deduction.

 

[hedgehog]

I itemize every other year, I pay property taxes in January and the next years in December :shrug:

 

[shawn555]

I itemize every other year, I pay property taxes in January and the next years in December :shrug:

Who gives a fuck what you do.

 

[Mr. Poon]

Yeah... We have paid off our '98 Nissan 200 SX and 2001 Honda Passport. The monthly mortgage on our home is under $400. Ain't rich, but satisfied. Wife is stay-at-home mom. Just looking to keep more of what I earn. All the donations and various deductions just can't add up to the standard deduction.

Car loan interest isn't deductible.

 

[Skulnik]

Who gives a fuck what you do.

You do.

:lol:

 

[CryBoy]

Car loan interest isn't deductible.

Both vehicles are paid. No notes.

I received a statement from my bank with the interest amount on our mortgage. Total interest for last year was $2000. Applied it, but again, no amount will add up to the standard deduction for us.

 

[redsfann]

Both vehicles are paid. No notes.

I received a statement from my bank with the interest amount on our mortgage. Total interest for last year was $2000. Applied it, but again, no amount will add up to the standard deduction for us.

Have you lived in your house a long time then? We paid over 7K in interest on our mortgage last year and easily made the 11.9K needed to itemize.

 

[JOSHNAUDI]

What a crock of shit it is to itemize deductions. When we buy annual memberships to the zoo, museum, and arboretum, they tell us that these membership fees are tax-deductible contributions. Funny! I itemize everything, including clothing donations, interest paid on home loans, property tax, etcetera, and it comes up much less than the standard deduction of $11,900. Did I do something wrong? What is the point of claiming donations and such when it doesn't even come close to the standard deductions they give you???

Let me know what I am doing wrong.

If your itemized deductions are less than the standard deduction, you should be happy.

Yes you do not get to claim the donations you made...

But

Instead the IRS treats it as if you DID have mortgage interest, real estate taxes and donations totaling $11,900. Most people do not qualify for itemized deductions.

For those on the brink, I'd suggest paying property taxes in Jan and Dec of the same year, so that every other year you are able to itemize.

My advice, Make Charitable donations based on the organization and the cause and not on tax deduction benefits.

Good Luck

 

[BobbyBlueChip]

Car loan interest isn't deductible.

If it's on the return, it's deductible

:0008

 

[Mr. Poon]

If it's on the return, it's deductible

:0008

:00x32