Uncategorized May 29, 2021

Get A Deduction For Giving Home Fixtures A Second Life

Get A Deduction For Giving Home Fixtures A Second Life

If you’re planning a remodel, don’t throw away your washer, bed frame with matching dresser or the tile floor from your bathroom.

Instead, give them to a salvage store like Habitat for Humanity’s ReStore chain or your local salvage yard. Other homeowners can find your used item and transform it into something unique for their home. And you may be able to deduct the value of the item on your federal tax return.

When you donate your home’s used fixtures or other building supplies to a ReStore, (almost every state has one) the profits help fund the local Habitat for Humanity. So you’re not only helping someone remodel their home, but also helping Habitat for Humanity build new homes for low-income families.

You don’t actually have to take your kitchen cabinets to the store, most salvage yards and stores will pick up larger items.

Some salvage stores, like The Loading Dock in Baltimore, partner with deconstruction specialists who will come into your home and remove your old fixtures in a way that helps maintain their functionality.

Donating your home’s fixtures to a nonprofit can also net you a tax deduction. As long as you itemize your deductions (rather than taking the standard deduction), you can likely claim your contributions on your federal return.

Get a receipt from the salvage store showing the name of the charity, date of the contribution and a reasonably detailed description of what you donated. If the value of your donations reaches $5,000, you should seek a qualified appraisal.

Salvage stores are also heavily used when homeowners need uniquely sized doors, windows and other home fixtures to rebuild older parts of cities. Your contribution helps renew your community.

So if your old kitchen table and wood floor just aren’t working out in your home, donate them to a salvage store. You’ll help yourself, other homeowners, your community and the environment all in one trip. There can’t be a better remodeling deal

Tax laws and tax rules are constantly being updated and interpreted. This article contains general information, so please discuss your individual situation with a trusted tax adviser before making tax decisions.