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Salvation Army Bucket Not Tax Deductible
Coinosaurus
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Every year the media likes to report about gold coins found in the Salvation Army buckets. And perhaps that has inspired others to take part in the tradition as well.
What befuddles me - why would someone put a $20 gold piece in a bucket instead of writing a check to charity and deducting it on their taxes
What befuddles me - why would someone put a $20 gold piece in a bucket instead of writing a check to charity and deducting it on their taxes
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<< <i>Every year the media likes to report about gold coins found in the Salvation Army buckets. And perhaps that has inspired others to take part in the tradition as well.
What befuddles me - why would someone put a $20 gold piece in a bucket instead of writing a check to charity and deducting it on their taxes
Mebbe the giver doesn't itemize and/or it's not about the tax implications.
<< <i>Who says its not deductible?
no receipt, or proof of donation
Government is the great fiction through which everybody endeavors to live at the expense of everybody else. - Bastiat
exactly,
it being Christmas Eve and all, i'm reminded of an excerpt from a song 'be good for goodness sake'
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<< <i>Nothing against the folks who work at the Salvation Army, but I wonder how many of those gold coin donations possibly get pocketed and never reported? Another reason as to why someone would put a gold coin in a kettle with no audit trail and something that could easily get stolen or lost. >>
Wow!!! And I thought I was cynical.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
donations.
<< <i>If the giver scratches his name and SS number on it, it is deductible.
Not really, but after the ensuing identity theft losses exceed 10% of the giver's AGI, then you'll probably have a deduction.
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<< <i>Nothing against the folks who work at the Salvation Army, but I wonder how many of those gold coin donations possibly get pocketed and never reported? Another reason as to why someone would put a gold coin in a kettle with no audit trail and something that could easily get stolen or lost. >>
I doubt this. No one is gonna ring a bell for two hours in the cold weather for the very small chance they might be able to steal a gold coin. They already made up their mind before they went out there that they were gonna do a good deed.
Did a quick check. He wanted to cap them at 28%. Really dumb.
<< <i>Tax deduction on that amount is minimal - writing a check just doesn't have the same impact and it may encourage others to give when they read about it. >>
If your total deductions exceed $2,000 in any given year , you have to have a reciept for every deduction. under $2,000 a year its hit or miss.
<< <i>Tax deduction on that amount is minimal - writing a check just doesn't have the same impact and it may encourage others to give when they read about it. >>
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<< <i>I think many people simply give... without looking for tax deductions or other monetary or personal recompense. Not all people are Scrooge's. Cheers, RickO >>
Anyone that gives to others, whether they take the tax deduction or not, is far from being a Scrooge.
Government is the great fiction through which everybody endeavors to live at the expense of everybody else. - Bastiat
<< <i>Nothing against the folks who work at the Salvation Army, but I wonder how many of those gold coin donations possibly get pocketed and never reported? Another reason as to why someone would put a gold coin in a kettle with no audit trail and something that could easily get stolen or lost. >>
I knew a bell ringer and she had no way of knowing what was in the kettle ever unless she saw it drop it. So rules out the ringers.
<< <i>Tax deduction on that amount is minimal - writing a check just doesn't have the same impact and it may encourage others to give when they read about it. >>
You nailed it, this thread is proof of that.
<< <i>What befuddles me - why would someone put a $20 gold piece in a bucket instead of writing a check to charity and deducting it on their taxes
They probably figure that the few dollars they'd save on their taxes is dwarfed by the extra donations the Salvation Army will receive after getting some free publicity in the media.
<< <i>Mebbe the giver doesn't itemize and/or it's not about the tax implications. >>
my favorite good deeds i do are the ones that remain anonymous
i get more joy if i'm the only one that knows
.
<< <i>If your total deductions exceed $2,000 in any given year , you have to have a reciept for every deduction. under $2,000 a year its hit or miss. >>
Wrong. If you keep careful record of where, how much and when the donation was given, you are ok - when single cash gifts exceed $250 or more, one would hope you have a receipt.
<< <i>Who says its not deductible?
No receipt or proof of donation = no refund if you get audited (not that this the only reason why you would donate in any event)
Cheers!
Kirk
EDITED: To add - these stories also encourage other do-gooders of means to repeat the charitable act in their own fashion, IMO.
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<< <i>Every year the media likes to report about gold coins found in the Salvation Army buckets. And perhaps that has inspired others to take part in the tradition as well.
What befuddles me - why would someone put a $20 gold piece in a bucket instead of writing a check to charity and deducting it on their taxes
For the attention it may receive in the media. It's a way to inflate their ego.
<< <i>
<< <i>Who says its not deductible?
no receipt, or proof of donation >>
You dont need proof ie receipts unless you get audited sir. If your charitable donations are within a certain range relative to your income you will not have to prove anything.
<< <i>
<< <i>Who says its not deductible?
No receipt or proof of donation = no refund if you get audited (not that this the only reason why you would donate in any event) >>
i know but only IF you get audited.
<< <i>What befuddles me - why would someone put a $20 gold piece in a bucket instead of writing a check to charity and deducting it on their taxes
maybe he doesn't pay taxes...
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I made a contribution yearly since the '70s.
Enjoy your perplextion.
<< <i>It's more like true charity, not worrying about whether it's tax deductable or not. >>
I don't understand your definition of true charity and how tax consequences are involved.
<< <i>
<< <i>No receipt or proof of donation = no refund if you get audited (not that this the only reason why you would donate in any event) >>
i know but only IF you get audited. >>
Nothing like living on the edge.
60 years into this hobby and I'm still working on my Lincoln set!
<< <i>Cause its
<< <i>FOX cable news just reported that someone dropped a loose Krugerrand into the pot in Seattle WA. News said the rare coin was worth more than $17,000. >>
What did you expect, from Fox news? Accuracy?
<< <i>
<< <i>FOX cable news just reported that someone dropped a loose Krugerrand into the pot in Seattle WA. News said the rare coin was worth more than $17,000. >>
What did you expect, from Fox news? Accuracy?
Dude, that made me chuckle!
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BONGO HURTLES ALONG THE RAIN SODDEN HIGHWAY OF LIFE ON UNDERINFLATED BALD RETREAD TIRES
<< <i>I support charitable giving. I admire charitable giving. But as long as the government offers a deduction for giving away money to a good cause, it's doesn't make sense not to take advantage of it ... if you itemize. The deduction gives you more money that you can donate.
The less money that goes to taxes, the more money that is available for other purposes, including charity.
60 years into this hobby and I'm still working on my Lincoln set!
As for not getting receipts for cash donations over $250, I wouldn't suggest that practice. It is alway prudent to be prepared and know you have followed the rules. No headaches when the IRS comes knocking at your door.
<< <i>
<< <i>FOX cable news just reported that someone dropped a loose Krugerrand into the pot in Seattle WA. News said the rare coin was worth more than $17,000. >>
What did you expect, from Fox news? Accuracy? >>
Why do you think the viewership at Fox News far exceeds CNN, MSNBC, etc? People aren't stupid and they are sick of the far left bias from the other news sources.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
<< <i>People aren't stupid >>
60 years into this hobby and I'm still working on my Lincoln set!
<< <i>Every year the media likes to report about gold coins found in the Salvation Army buckets. And perhaps that has inspired others to take part in the tradition as well.
What befuddles me - why would someone put a $20 gold piece in a bucket instead of writing a check to charity and deducting it on their taxes
Altruism.
See http://www.doubledimes.com for a free online reference for US twenty-cent pieces
<< <i>
<< <i>
<< <i>FOX cable news just reported that someone dropped a loose Krugerrand into the pot in Seattle WA. News said the rare coin was worth more than $17,000. >>
What did you expect, from Fox news? Accuracy? >>
Why do you think the viewership at Fox News far exceeds CNN, MSNBC, etc? People aren't stupid and they are sick of the far left bias from the other news sources. >>
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BONGO HURTLES ALONG THE RAIN SODDEN HIGHWAY OF LIFE ON UNDERINFLATED BALD RETREAD TIRES