Is a tax reciept worth getting for donating books to the library?

What are the pros and cons? Whenever I donate books to my library, the librarian will ask me if i want to reciept. I sometimes say yes and no. I dont know what to do with it when tax time comes?Is a tax reciept worth getting for donating books to the library?
Only if you are going to itemize instead of taking the standard deduction on your taxes.Is a tax reciept worth getting for donating books to the library?
Get the receipt. Then, when you file your taxes, if the charitable contribution will benefit you, you have documentation of your contribution.



Charitable contributions are part of Schedule A of Form 1040. The total on Schedule A (which also includes medical, mortgage interest, real estate tax, state and local taxes, and some miscellaneous deductions) has to be more than your standard deduction in order for Schedule A to do you any good.



If you are sure you won't itemize (use Schedule A), then it doesn't matter if you get the receipt or not. But, you never know, I would get the receipt just in case.Is a tax reciept worth getting for donating books to the library?
tax reciepts are only good if you are in a decent tax bracket.

At tax time, the reciept helps lower your overall income, which puts you in a lower tax bracket. Lower tax bracket, means you owe less to the government.



The good thing about these donations, is that the reciept doesn't have to be used in the same year you received it.

Example, if you don't owe anything this year, using a reciept won't help you as you cannot owe less than nothing.

Therefore, your accountant can put the donation in a reserve, which he/she can use the following year.



RSP contributions work the same way.

Medical bills, however, must be claimed within whatever tax year you got them. Example, medical bills for May 2007, will get filed on your 2007 tax return, which is filled out in the spring of 2008.



When in doubt, just bring everything to whomever does your taxes and let him/her figure it out.
Yes!!! Even if you only claim donations to charity you need proof over $250.00. IRS gives you (not really sure) $2.00 to $4.00 per book as the value. So if like me use use Turbo Tax its all very easy to plug in those numbers and you can breathe easy knowing you have proof. Even if you only get $100.00 back from this your not paying hundreds in fees for not having proof during an audit.



P.S. Money you give to bums on the streets counts. There is a local bum near my work. He always ask for money. But I get him Wendys, Mc D's, etc. That way he is not drinking it away and I have a reciept. Think of it as charity with peace of mind.