big tax deduction from a donation?
 

Hey,
I am currently a college student about to go on co-op in September. For those who do not know what co-op is, its where I take 6 months out of the school year to work full time. It is a pretty neat program my school has. Anyways, when I start work I'd probably be making 20k in 6 months. What I was thinking of doing was during or after that 6 months of working, I could donate some stuff to a non profit club at my school. This is a computer club that refurbishes computers and runs free hosting for student organizations. What I'd be donating is worth over $1,000. Now I didn't pay for this, but I own it. Would this work in my advantage? How much would be deducted from taxes? Would this work at all since I didn't pay for what I plan on donating?

Thanks,
Robert

(People who know more feel free to correct me)

I think there's no point if your donation is less than the $4700 standard deduction.

In addition, I'm a college student making a lot of money on the side and I hardly pay any tax because of the Lifetime Learning Credit, which you are probably eligible for too. All I pay is social security tax.

What is this lifetime learning credit you speak of?

-Robert

There are two higher education credits.

Hope scholarship credit: Credit of up to $1,500 per student for each of the first two years of post-secondary education. Allows a 100% credit of the first $1,000 of qualified tuition expenses and a 50% credit of the second $1,000 of tuition expenses.

Lifetime learning credit: Equal to 20% of the amount of tuition paid by a taxpayer and is available for the first $10,000.

Reduced by the amount of scholarships received. If you have more questions about this post up and I can answer them for you. You can only take one a year, and the hope you can only take twice. Lifetime you can take forever.