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What do you do with your commons/unwanted cards?
#21

RE: What do you do with your commons/unwanted cards?
(05-16-2017, 05:07 PM)chester2002 Wrote: Curious, but how do you write them off? What value gets assigned to them for the write off?
I am a Certified Public Accountant. Any donation of noncash items below $5,000 can be valued by the donor using market value, or thrift value based on purchase price (usually 1/3 paid).

If the donee immediately sells the item the value can be based on the selling price, but often the donor does not hear about it.

Then, if you itemize (mortgage interest, charity, real estate taxes, etc), you add the value of the cards to the total, so you can save Federal & State tax rates for your income bracket.
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