How is it possible to give to charity “for the tax write offs”? I see that you don’t pay 30~40% tax on the amount you donated, but you no longer have 100% of the amount so surely you’re worse off.
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You have the right idea, but there’s a big exception.
Things that have very subjective value, like art, can work to one’s favor this way. Museums for example, don’t have much of an incentive to disagree if you claim a piece of art you’re donating is worth several times what you could actually sell it for. So if you donate art with an inflated value, you could donate a painting that would sell for $50,000 and claim it’s worth $250,000. If you make a large income, this can be more profitable than selling it.
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