Any CPAs?

[claphamsa]

question about taxes and deducting donations. Turbo Tax always tells me im at low risk of being audited. I assume this is because I never deduct donations. How much can you donate before you become an audit risk? I need to clean out my basement (lots of clothes from when I was 40 lbs less, and old kitchen crap I had when I was young). I have seen the ammounts you deduct for that stuff.... quite impressive :)

[Desnudo]

What are your chances of being audited by the IRS? (http://www.planningtips.com/auditinfo.html)

[claphamsa]

hmmm.... thanks!

[stevew]

I wonder if it will flag since you haven't previously done it and perhaps splitting it up over 2 years would better (or potentially worse)

[claphamsa]

I wonder if it will flag since you haven't previously done it and perhaps splitting it up over 2 years would better (or potentially worse)

thats actually where I was going with this... I have taken green credits, but never actual donation credits... and I have LOTS of crap i can give away...

[Suburban Rhythm]

If you are donating to legit organizations, get receipts of the estimated fair market value of your donations. Problem solved.

[claphamsa]

oh i will be, but i still wanna avoid an audit :)

[Desnudo]

It'll probably depend on the % of your income that it represents. So like 5% no problem. 50% probably would trigger a computer flag. If you're self employed, then the margin is probably much smaller.

[Ramzavail]

Let me ask you this:

Do you use a standard deduction or do you itemize? If you use your standard deduction - then I wouldn't even bother.

[claphamsa]

I have a mortgage.. so I itemize.

[Ramzavail]

then I'd listen to Suburban Rhythm.