Noncash Charitable Contributions
For tax year 2003 (the most recent tax year for which data is available), individuals reported noncash donations valued at $36.9 billion. These donations were reported on federal form 8283, Noncash Charitable Contributions, which is required when a taxpayer makes noncash donations which exceed a total $500.
Not surprisingly, corporate stock was the largest percentage, value-wise, of noncash donations (dink Cheney, Halliburton, anyone?) representing 37.2% of the total value deducted. However, for most folks, clothing was the most common donation, representing 48% of the number of donations, as opposed to the value of donations. After all, those used Levis are only worth so much… Those Manolo Blahniks on the other hand…
