Freecycling

Fighting for freerecyling

Taxing is taxing me

If I understand the US right there is a possibility of being able to offset whatever you give away on a freecycling group against your tax liability. I apologise if I have this wrong, and if so I hope someone will correct me.  We do not have this in the UK, as far as I know, so at least this concept is foreign.

Now assuming I have a reasonably correct interpretation I feel that there are two things wrong with this facility. Firstly it seems to me to introduce a sense of meanness to the equation. If I am giving something away, then I jolly well want to give it away. I do not want to have any financial reward, and offsetting against tax does just that.

The other aspect is keeping records. Most of what is freecycled has little real value, surely. After all if you could sell something, say on ebay, for a decent financial return then most people would probably do that. “Beauty is in the eye of the beholder”, so the saying goes. So any real value is better defined by the taker than the giver. But can someone who is offsetting their tax liability actually write down the value ascribed by the taker when they have not even asked the taker what their valuation might be? I think not. And to maintain a printout of all the things you have ever given away, presumably all the emails might be give a good sense of feeling, but as a way to reduce tax paid seems like another paperwork burden that I could do well without.

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October 3, 2007 - Posted by | freecycle | , ,

1 Comment »

  1. Some clarification by email…

    By giving an item on a Freecycle group to another person you are NOT able to claim tax credits.
    This is because the transaction takes place between two individuals and Freecycle is merely the facilitator.
    Freecycle isn’t actually pert of the transaction.

    However, if you were to take your item down to the local goodwill then you could ask for a receipt that states the value of the item you have donated and you can claim that on your personal tax.

    Comment by andyswarbs | October 4, 2007 | Reply


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