[QUOTE="Foxo101"]how woudl the hospital thing even work?Jaysonguy
I just explained it
You donate it to a hospital, they give you the paperwork that says you donated it, you hand that paperwork in with your taxes and have it deducted. That money is much more then you'd get anywhere else.
That's not quite how tax deductions work, bub. When you 'write off' something on your taxes, you get to take that amount out of what they count as taxable income. In other words, your tax debt is reduced by the amount you would have paid taxes on - on that thing.
For example, let's say you deduct your wii. Fine. $250. Which by the way you wouldn't get the full deduction for a used wii - but anyway - let's just say...
Ok, you deduct the $250. Now, that $250 gets taken off the total taxable income you have. So, let's just say for round numbers, you made $100,250 in taxable income. When you take off the $250, now you only have 100,00 in taxable income. You don't get the $250 back, you get the amount of taxes you would have paid on that $250. In our case, probably something like $90. And actually, at your lower tax rate, even less.
In fact, if you're fairly young, you probably don't make much money and you get all your taxes back anyway. deductions wouldn't help you anyway.
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