Question

Hailee makes the following contributions in 2019 (all of which she can substantiate): Goodwill, clothing she bought for $950 with a FMV of $310. Salvation Army, automobile, FMV of $750, sold for $700. YWCA, 200 volunteer miles. Nonprofit cemetery, $500 for care of her grandfather's crypt. Qualified exchange student, $1,000 during four months for the well-being of the student. How much will she be able to deduct for contributions on Schedule A? $1,238 $1,288 $1,738 $2,838

Answer 1

ANSWER = $1,738

EXPLANATION =   

ITEMS AMOUNT GIVEN   DEDUCTIBLE AMOUNT    REASON

Goodwill, Clothing $ 950 $ 310 To itemize the clothing

$ 310 (FMV) donation, FMV will be

considered.

Salvation Army, $ 700

Automobile $ 750 (FMV) $ 700 As per IRS, donation

regarding automobile

if actual cost is less than

FMV then such actual cost

will be considered.

YMCA 200 miles $ 28 ( 14% of 200)        $ 28 As per IRS, the standard

rate is 14% per mile when

driven in service of a

charitable organisation.

Non profit cemetery $ 500 $ 500 Non profit cemetery are

specifically listed in the IRS

list of allowable tax-deductible

charity organizations.

Qualified exhange $1,000 $ 200 Maximum deductible charitable

student contribution upto $50 a month

for the cost of hosting a student

therefore $50*4months = $200

________________

TOTAL    $ 1,738

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