Charitable Donations. There are some changes in charitable donations that might affect people who are paring down their belongings in preparation for move. Consumer Reports Money has begun a multi-part series looking at the new tax rules – it’s worth a look. Short version – get receipts for everything.
As I noted in a previous post, there are some other changes:
- If you don’t itemize, you will not be able to take the any real estate tax deductions;
- A “phase-out” rule for those who DO itemize deductions has been completely repealed for 2010 (and 2011 and 2012);
- For people who bought a home in 2008 (and a few in 2009), this is the year they must start paying the government back for their homebuyer tax credit