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Any resellers here?
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<blockquote data-quote="susiestar" data-source="post: 648051" data-attributes="member: 1233"><p>Our area does a Christmas Store for low income families. For several years my mom put aside a certain amount each month and went to yard sales for good condition and good quality children's clothes and toys, good brands not Walmart ones, and for great condition adult items that a child could give a parent. She did not resell them but donated them to the Christmas Store. Just before donating them she took photos to document them for her taxes. She got audited one year and learned that she did not deduct enough for her donations - she saved several thousand more than she originally deducted based on just the items she donated to the Christmas Store. Her taxes were otherwise perfect, so she just got money back and learned to use the tables the IRS published to deduct the right amount in the future. It was really a shock to learn how much more she could deduct than she actually paid (she deducted what she paid, having kept careful track of the actual amount).</p><p></p><p>I don't know how this would work if your business is reselling, but it could help if you choose to donate stock that is in good shape but does not sell.</p><p></p><p>The Christmas Store absolutely LOVED her donations as she washed/ironed everything and she also reinforced seams on many of the children's items if it looked like the seams might not hold or were poorly finished. Her items often looked a lot nicer than stuff donated from local stores, even the fancy local boutiques. But she loves to fuss over kids' clothes, so for her the ironing etc... was fun.</p></blockquote><p></p>
[QUOTE="susiestar, post: 648051, member: 1233"] Our area does a Christmas Store for low income families. For several years my mom put aside a certain amount each month and went to yard sales for good condition and good quality children's clothes and toys, good brands not Walmart ones, and for great condition adult items that a child could give a parent. She did not resell them but donated them to the Christmas Store. Just before donating them she took photos to document them for her taxes. She got audited one year and learned that she did not deduct enough for her donations - she saved several thousand more than she originally deducted based on just the items she donated to the Christmas Store. Her taxes were otherwise perfect, so she just got money back and learned to use the tables the IRS published to deduct the right amount in the future. It was really a shock to learn how much more she could deduct than she actually paid (she deducted what she paid, having kept careful track of the actual amount). I don't know how this would work if your business is reselling, but it could help if you choose to donate stock that is in good shape but does not sell. The Christmas Store absolutely LOVED her donations as she washed/ironed everything and she also reinforced seams on many of the children's items if it looked like the seams might not hold or were poorly finished. Her items often looked a lot nicer than stuff donated from local stores, even the fancy local boutiques. But she loves to fuss over kids' clothes, so for her the ironing etc... was fun. [/QUOTE]
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