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Question about tax write-offs....

Discussion in 'Off Topic [BG]' started by Mike Money, Aug 21, 2003.


  1. Mike Money

    Mike Money Banned

    Mar 18, 2003
    Bakersfield California
    Avatar Speakers Endorsing Hooligan
    I am thinking about buying a used amp, then donating it to the school band program.

    My mom wont buy it unless it can be used as a write off, so do you think it could be written off?

    I really hate lugging my 94 pound peavey back and forth...
     
  2. P. Aaron

    P. Aaron Supporting Member

    ...because, like health care costs, or any other item subject to (certain) tax exclusions there is a threshold, and the bar is pretty high. If you want to donate to be a "good guy" do it for those reasons.

    But it's not always entirely beneficial to arbitrarily donate hoping to get a "write-off", read: refund.

    I like Kramer's(an episode of Seinfeld) description of a "write off". :) It's about right.
     
  3. DigMe

    DigMe

    Aug 10, 2002
    Waco, TX
    Yeah, unless you're parents are donating a huge amount of money (thousands of dollars) to whoever that they can write off over the course of the year it won't matter. There is a standard deduction that everyone gets every year when they do taxes and you can't claim itemized deductions unless the sum of your itemized deductions is greater than your standard deduction.

    brad cook
     
  4. FuturePrimitive

    FuturePrimitive Supporting Member

    Nov 14, 2000
    Rochester, NY
    It all depends, if your mom itemizes her tax deductions (and if she's a home owner she likely does) then absolutely you can "write it off". Of course, you do realize you don't write off the value of the amp against your taxes, you write it off your gross income. So it reduces your taxable income by the amount of the donation. That means you will "only" get back somewhere between 15-28% of the value depending on your tax bracket. I donated all kinds of stuff last year and it made a small difference in my taxes. It was worth it though, at least somebody can put the stuff to use instead of it sitting in my basement collecting dust. And it's easier than trying to sell it, especially since what someone is willing to pay versus what the IRS allows you to claim it's value is tend to be significantly different!
     
  5. Why would you give it to the school? You don't know if your going to be going to that school for the rest of highschool, so its not worth giving them a nice amp just for marching band.
     
  6. Why not just ask to leave it there overnight??
     
  7. Mike Money

    Mike Money Banned

    Mar 18, 2003
    Bakersfield California
    Avatar Speakers Endorsing Hooligan

    Because if it will be a tax write-off, why not? And it beats the hell out of dragging mine back and forth.

    Tyler Hole Wrote:

    "Why not just ask to leave it there overnight??"

    I do, I bring it home for the weekends, in case I have practice with my band or something. But since it usually does not happen, I lugged it back for nothing really.
     
  8. You made it sound like you lugged it back and forth every day! If its 2 days a week man its not really that big of a deal is it??
     
  9. Mike Money

    Mike Money Banned

    Mar 18, 2003
    Bakersfield California
    Avatar Speakers Endorsing Hooligan
    Yes... because i have to play with no amp during the week while it is at school.
     
  10. Get an Essex :) Their really loud acousticly!LoL.
     
  11. Thor

    Thor Moderator Staff Member Gold Supporting Member

    You want to play, you gotta pay.

    Time to lift, you're just getting started moving air.
     
  12. Mike Money

    Mike Money Banned

    Mar 18, 2003
    Bakersfield California
    Avatar Speakers Endorsing Hooligan
    I believe that firmly.... but the school needs its own bass amp anyways. The only amp they have is a roland 1x10 50-80 watt amp that gets the job done when I am just playing with the marimbas, but is no where near enough for me to play with the entire band.

    Plus there is 2 jazzbands that would use it, B-Line percussion ensemble... it would just be a awsome thing for the school to have.
     
  13. Thor

    Thor Moderator Staff Member Gold Supporting Member

    This is the answer to the specific question you asked. People who itemize deductions on taxes in the US tend to be primarily homeowners with sufficient deductable homeowners interest paid yearly to exceed what would be claimed as the standard deduction on 1040EZ. The donation reduces your gross income by the amount claimed, just as if you gave it to the church or Salvation Army.

    It is only deductable to your Mom if she itemizes, so you will have to ask her if she does.