Comments on: Ask the taxgirl: Donating an Engagement Ring http://www.taxgirl.com/ask-the-taxgirl-donating-an-engagement-ring/ Paying taxes is painful... but reading about them shouldn't be. Sun, 12 Feb 2012 17:55:29 +0000 hourly 1 http://wordpress.org/?v=3.1.3 By: 12 Tips for Year End Charitable Giving | taxgirl http://www.taxgirl.com/ask-the-taxgirl-donating-an-engagement-ring/comment-page-1/#comment-26110 12 Tips for Year End Charitable Giving | taxgirl Mon, 02 Jan 2012 02:52:37 +0000 http://www.taxgirl.com/?p=4240#comment-26110 [...] rules apply to appreciated goods like stock or jewelry, or hard to value items such as artwork. If you are planning on making these kinds of donations, [...] [...] rules apply to appreciated goods like stock or jewelry, or hard to value items such as artwork. If you are planning on making these kinds of donations, [...]

]]> By: 12 Tips for Year End Charitable Giving - Forbes http://www.taxgirl.com/ask-the-taxgirl-donating-an-engagement-ring/comment-page-1/#comment-26034 12 Tips for Year End Charitable Giving - Forbes Tue, 20 Dec 2011 03:41:56 +0000 http://www.taxgirl.com/?p=4240#comment-26034 [...] rules apply to appreciated goods like stock or jewelry, or hard to value items such as artwork. If you are planning on making these kinds of donations, [...] [...] rules apply to appreciated goods like stock or jewelry, or hard to value items such as artwork. If you are planning on making these kinds of donations, [...]

]]> By: Rick http://www.taxgirl.com/ask-the-taxgirl-donating-an-engagement-ring/comment-page-1/#comment-18901 Rick Thu, 09 Sep 2010 14:03:42 +0000 http://www.taxgirl.com/?p=4240#comment-18901 I presume you are a non-profit charitable organization. You should be prepared to give receipts, and record the donations from each business you accept a donation. This is income to your organization, so get with your financial officer. I presume you are a non-profit charitable organization. You should be prepared to give receipts, and record the donations from each business you accept a donation. This is income to your organization, so get with your financial officer.

]]> By: jeanne scheinker http://www.taxgirl.com/ask-the-taxgirl-donating-an-engagement-ring/comment-page-1/#comment-18884 jeanne scheinker Wed, 08 Sep 2010 18:55:52 +0000 http://www.taxgirl.com/?p=4240#comment-18884 I'm an activities director at an aged home. I would like to go to local businesses an ask for donations for our games and tournaments for prizes. Do I need to have any type of paper work legally to proceed on this course?x I’m an activities director at an aged home. I would like to go to local businesses an ask for donations for our games and tournaments for prizes. Do I need to have any type of paper work legally to proceed on this course?x

]]> By: Vintage Engagement Rings http://www.taxgirl.com/ask-the-taxgirl-donating-an-engagement-ring/comment-page-1/#comment-12920 Vintage Engagement Rings Sun, 22 Nov 2009 19:02:40 +0000 http://www.taxgirl.com/?p=4240#comment-12920 Hey you and Rick you both are thinking wrong but doing good work of donating for a person. Relation may never ends however you donate ring or keep it with you anyhow. Hey you and Rick you both are thinking wrong but doing good work of donating for a person. Relation may never ends however you donate ring or keep it with you anyhow.

]]> By: Roth & Company, P.C. http://www.taxgirl.com/ask-the-taxgirl-donating-an-engagement-ring/comment-page-1/#comment-12705 Roth & Company, P.C. Thu, 29 Oct 2009 12:54:51 +0000 http://www.taxgirl.com/?p=4240#comment-12705 <strong>Tax breaks for the runaway bride...</strong> TaxGrrrl ponders the tax implications of donating slightly-used engagement rings and wedding dresses to charity....... Tax breaks for the runaway bride…

TaxGrrrl ponders the tax implications of donating slightly-used engagement rings and wedding dresses to charity…….

]]> By: Rick http://www.taxgirl.com/ask-the-taxgirl-donating-an-engagement-ring/comment-page-1/#comment-12701 Rick Wed, 28 Oct 2009 21:32:47 +0000 http://www.taxgirl.com/?p=4240#comment-12701 Quote, "remember that the cost of the tax pro’s services is also deductible" (not trying to be critical just adding this in) I am a Tax Pro with a major Tax Prep firm. We have gotten used to telling clients the quote above, when I teach tax classes or speak I have to remind folks that the answer to every tax question is "it depends". The tax prep fee is in the part of the Sch A that has a 2% floor. In other words only the amount in this section over 2% of AGI is dedutible. I hate to disappoint clients by telling them something is dedutible and then it has no effect on the bottom line of their tax return. Quote, “remember that the cost of the tax pro’s services is also deductible”

(not trying to be critical just adding this in)
I am a Tax Pro with a major Tax Prep firm. We have gotten used to telling clients the quote above, when I teach tax classes or speak I have to remind folks that the answer to every tax question is “it depends”. The tax prep fee is in the part of the Sch A that has a 2% floor. In other words only the amount in this section over 2% of AGI is dedutible. I hate to disappoint clients by telling them something is dedutible and then it has no effect on the bottom line of their tax return.

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