Bike donation for tax write off- Mtbr.com
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  1. #1
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    Bike donation for tax write off

    I'm visiting my parents next week for my 40th and I have an 2009 SC Blur LT2 which has been my back up/bay area staycation bike for the last 7 years. I've heard so much about sellers market for bikes under $300, but I figured this was worth at least $800; checked CL and people are posting absurd prices like $1600, which it isn't worth. I don't really want to go through the hassle of CL sellers when I'll be in town for 5 days. My real purpose is to relegate my current longer travel bike to Demo tourist duty and buy a new school geo bike.

    On the other hand, my tax situation for 2020 is going to be awful and anything to mitigate it would be nice. Anyone know a good organization that will take a donation for a bike like that and write me something like a $1700 receipt? Prefer it be given so it could be used by a high school racer or something. All the threads here about donations are 10+ years old.

  2. #2
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    You could try Good Karma Bikes (nonprofit) in San Jose.
    "I will absolutely apologize hopefully sometime in the distant future if I'm ever wrong." ~ Donnie Bonespurs

  3. #3
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    Reputation: 5k bike 50cent legs's Avatar
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    Just take it to Goodwill and get a blank receipt.

  4. #4
    Paper or plastic?
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    Quote Originally Posted by 5k bike 50cent legs View Post
    Just take it to Goodwill and get a blank receipt.
    If I remember correctly, you need some kind of third party assessment above some threshold.

    Sent from my Pixel 3 using Tapatalk
    Faster is not always better, but it's always more fun

  5. #5
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    Thanks for the input. Iirc itís $500 where you need an appraisal? Which is why I was asking...

  6. #6
    Paper or plastic?
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    Quote Originally Posted by hkenshin View Post
    Thanks for the input. Iirc itís $500 where you need an appraisal? Which is why I was asking...
    I'm not a tax expert, but here are the guidelines from the IRS:

    https://www.irs.gov/publications/p56...link1000257962

    Household Goods
    The FMV of used household goods, such as furniture, appliances, and linens, is usually much lower than the price paid when new. Such used property may have little or no market value because of its worn condition. It may be out of style or no longer useful.

    You cannot take a deduction for household goods unless they are in good used condition or better. A household good that is not in good used condition or better for which you take a deduction of more than $500 requires a qualified appraisal and Form 8283, Section B


    Otherwise, the cut off for appraisals is $5,000.

    Not sure if a bike is considered household good. Furthermore, to the extent that your bike is in good used condition or better, it doesn't seem to trigger the appraisal requirement. That being said, you'll still need some documentation to support the fair market value of said bike and its condition.
    Faster is not always better, but it's always more fun

  7. #7
    More pie please
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    Silicon Valley Bike Exchange

    https://bikex.org/donate-support/don...e-or-equipment

    Last month, through a neighbor, I heard that they needed 26" MTB tires. I was very happy to declutter my garage & side-yard by sending ~10 of those their way!

    Note: "During the COVID-19 pandemic, we are not open for donation drop-offs. Please email us photos and details on what you'd like to donate, and if we have an immediate need, we'll set up a drop-off appointment."

    Also, I assume that your itemized deductions exceed $12k single or $24k MFJ? If not, a charitable donation won't lower your federal taxes. Since Calif standard deduction is lower, a donation is more likely help on Calif. taxes. I mention all this because the federal standard deduction jumped up a lot in 2018 and I've read that this has reduced the tax incentive to donate to charities.
    Long live long rides

  8. #8
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    Quote Originally Posted by Callender View Post
    Good Karma Bikes (nonprofit) in San Jose.
    I usually just dump at Good Karma, and don't bother with a write off.

    Just FYI. They got hit again recently, they took everything, some $30+K in inventory, and they get hit a lot, it seems.

    https://sfbayca.com/2020/06/19/bad-k...ss-burglaries/

    From an email from them.

    "I hope you are well and sheltered. I wanted to update you on Good Karma Bikes.

    On June 16 we had our worst burglary yet. They spent approximately 10 minutes with a power saw cutting through stainless steel to get into our suite. The building (landlordís) alarm system failed, hence why they had ten minutes.

    The burglars stole $33,000 worth of carbon, titanium, and full suspension bikes. They also stole customer bikes. I was sick. As always, the people I feel worst for are the burglars as they are the ones who will suffer the most in the long run.

    Good Karma Bikes is having a GoFundMe campaign to make up some of the loss that insurance doesnít cover and upgrade our security with motion activated cameras.

    Would you be willing to share our link?

    https://www.gofundme.com/f/good-karm...ation-alert-v5

    Thanks for your consideration,
    Jim"

  9. #9
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    ^^ I had not heard that. Those thieves need to get smited.

    Donated to the gofundme.
    "I will absolutely apologize hopefully sometime in the distant future if I'm ever wrong." ~ Donnie Bonespurs

  10. #10
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    Local NICA teams are ALWAYS looking for good used bikes for kids whose families can't afford to buy them a proper MTB for the race season. I've personally been able to witness these donated bikes turn kids' lives around for the better, and it is wonderful to see.
    Go ride your bike.

  11. #11
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    Quote Originally Posted by IAmHolland View Post
    Would you be willing to share our link?

    https://www.gofundme.com/f/good-karm...ation-alert-v5

    Thanks for your consideration,
    Jim"
    Side note, isn't this what insurance is for? Why are they asking for money from a GoFundMe?

  12. #12
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    Quote Originally Posted by cassieno View Post
    Side note, isn't this what insurance is for? Why are they asking for money from a GoFundMe?
    Quote Originally Posted by IAmHolland View Post
    Good Karma Bikes is having a GoFundMe campaign to make up some of the loss that insurance doesnít cover and upgrade our security with motion activated cameras.
    See above

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