hsmomofsix you have me confused. Your income for fafsa can't be zero. It is your adjusted gross income which is your income before dependents, exemptions are deducted.
No, not our income. It was our federal tax amount that was zero.hsmomofsix you have me confused. Your income for fafsa can't be zero. It is your adjusted gross income which is your income before dependents, exemptions are deducted.
ASB or anyone that knows, I have a question. I donated so much stuff to the food pantry, but can I claim it since I paid pretty much nothing? I'm sure a lot of us couponers donated tons of stuff.
If I can claim it :hiphip:, how much value do I put? Retail or the nothing I
paid :lol:
The easiest way to determine the amount you would claim as the deduction is like this:ASB or anyone that knows, I have a question. I donated so much stuff to the food pantry, but can I claim it since I paid pretty much nothing? I'm sure a lot of us couponers donated tons of stuff.
If I can claim it :hiphip:, how much value do I put? Retail or the nothing I
paid :lol:
I don't know how much you donated, meaning, I don't know the fair market value of everything you donated, but hopefully you only claimed the amount you actually paid for the stuff.I had our taxes done this year and I was able to claim the loads of stuff I donated. I didn't have receipts to match up to the items, that would have been more work than it was worth. I just documented my donations with a digital photo each time. He just had me estimate the value of the items, which I did at retail prices. I didn't get excessive and probably underestimated the value, but I was happy with the amount that I was able to use. Oh, and by the way, our tax was zero also! That's such a great feeling!!
The easiest way to determine the amount you would claim as the deduction is like this:
What is the Fair Market Value of the stuff?
What did you pay for the stuff?
You'd deduct which ever is the lowest.
8 cans of (certain) Progresso will have a fair market value of $22. You'll actually pay $10 ($12 minus 4 $.50/2 coupons = $10).
What is the Fair Market Value of the stuff?
$22
What did you pay for the stuff?
$10
What can you deduct?
$10
If it's the successive deals where you roll Catalinas, the numbers would be:
8 cans of (certain) Progresso will have a fair market value of $22. You'll actually pay $3 ($12 minus 4 $.50/2 coupons minus rolled $7 CAT = $3).
What is the Fair Market Value of the stuff?
$22
What did you pay for the stuff?
$3
What can you deduct?
$3
The only way to claim the (higher) fair market value is for you to take the fair market value, then subtract the amount you actually paid, and the difference has to be shown as a short-term capital gain.
A place to debate everything and anything!