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Merlo, Accountant
Category: Tax
Satisfied Customers: 9783
Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
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I am going to redecorate and instead of selling the furniture

Resolved Question:

I am going to redecorate and instead of selling the furniture I would like to donate it to Habitat for Humanity. What is the deduction limit for charatible donations. I make $130,000/yr, single and homeowner.

The value of the furniture I am donating is around $7000.

In addition, is there a tax deduction for home improvements.
Submitted: 8 years ago.
Category: Tax
Expert:  Merlo replied 8 years ago.

In general, contributions to charitable organizations may be deducted up to 50% of adjusted gross income computed without regard to net operating loss carrybacks. Contributions to certain private foundations, veterans organizations, fraternal societies, and cemetery organizations are limited to 30% of adjusted gross income.

As far as home improvements, the only time these might be partially deductible, is if they were made for medical reasons -- example would be remodeling your bath to accomodate handicapped person, widening hallways for wheelchair access, etc. Those types of improvements would be deductible as a medical expense, but only to the extent that the cost of those improvements exceeded the increase in market value of the home.

There are also some deductions being allowed in 2009 for certain energy improvements made to your home.

All other home improvements are not deductible. They simply add to your basis in the home.

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Thank youCustomer

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