Hi everyone. I'm so glad I found this board. It's perfect timing. I recently got married and desperately need to get organized. It's adventurous combining my DH and my things. I feel like I could master a military obstacle course at this point.In an effort to declutter our combined living space, someone suggested we donate stuff to Goodwill or Salvation Army and get tax deductions. I've never donated items for tax purposes and was wondering how do you "price" things? Is there anywhere I can get a list of estimates? Thanks for your thoughts and all your great advice.
In an effort to declutter our combined living space, someone suggested we donate stuff to Goodwill or Salvation Army and get tax deductions. I've never donated items for tax purposes and was wondering how do you "price" things? Is there anywhere I can get a list of estimates? Thanks for your thoughts and all your great advice. When you donate a thing you get a reciept for the thing. It's worth whatever you claim on your return. If IRS thinks otherwise, they will let you know.
There is a book published out there that gives the fiar prices of donateable items...I can't recall the title or author. You might try some web searches.In any regard, the fia r price you should place is what you could honestly sell it for.A bunch of older clothes--rummage sale prices (25-100 cents). Newer office clothes--might be resalable at a store for $5+. Books--25 cents for paperbacks, maybe $10-$20 for newer textbooks. Washing machine--check with a used furniture/applicance store, or where you donate it. Larger items like this they may be willing to quote an amount for you. One way to figure it is "What would I be willing to pay at a garage sale for this item?" (Not, what would I want to sell this for at a garage sale, because that tends to inflate it!)Personally, I think it's best to err on the side of caution. it might reduce what you could actually take as a deduction but that's better than and IRS audit.Note that, if you don't already itemized deductions, it is not likely that donating items for the tax deduction will be worth it. You can only take the deduction if you itemize!Selphiras
There is a book published out there that gives the fiar prices of donateable items...I can't recall the title or author. You might try some web searchesHere's a website for the book http://www.taxsave.com/I have to agree with Selphiras on the value thing. Technically if you donate to goodwill and because they sell their items if all their paperbacks for a dime your paperbook is worth a dime. If they sell them for a nickel they are worth a nickel. If you donate to an agency that doesn't sell the goods then you have a little more room to determine the value. Honestly it use to amaze me how much people claimed their items were worth back when I use to work for a non profit. It got to the point where our reciepts stated such and such item which the donor values at $XXX amount and then some legalease basically stating that the non profit did not take responsiblity for placing a value on any item donated to them It doesn't matter if you paid $100 for those black shoes and wore them once to a wedding, if goodwill sells all used shoes for $5 that's their value :-)
Try this linkhttp://www.salarmychicago.org/donitems.htmIt is a list of values from the Salvation Army.Hope it helps.
You could also tryhttp://www.salarmychicago.org/donitems.htm as a source for pricing donated itemsAndy
The Salvation Army in NYC gives a list of values on the back of their receipt (8.5x11) -- I mentioned to one of the gentlemen there that I thought their prices too high. I know what things go for at garage sales and the SA prices where much higher. The man told me to look around and see what prices things were marked and I'd understand. I really was quite flabbergasted (1 "b" or 2?) to discover the "worth" of a shopping bag of old clothes!So I suggest roaming around with Goodwill or the Salvation Army with a pencil and notebook to put a value on whatever you donate. >^..^<No matter how much goes out the front door, it never seems to make a difference -- a little like taking your hand out of the ocean.
nickel10:Starting in 1980 and every year since I have donated items to Salvation Army, Goodwill, or a local charity. We've never had a problem with the IRS so here is what I do.On a piece of paper I will list the item donated and the quantity (i.e. blouses (8)). The price I put down are prices that I see at the Salvation Army, Goodwill or thrift shops. Every time we have moved, I visit various shops in the new area to get prices and adjust my costs accordingly. The Northeast and West coast seem to be more expensive than the South; and even shops within a metropolitan area vary in price depending upon location--city or suburb, resale or non profit.Hope this helps.reatta
Note that, if you don't already itemized deductions, it is not likely that donating items for the tax deduction will be worth it. You can only take the deduction if you itemize! I don't donate to IRS, so it doesn't matter to me at all.
>>>http://www.salarmychicago.org/donitems.htmIt is a list of values from the Salvation Army.>>>>Thank you for the Salvation Army link. That list is exactly whaat I needed. Now that I'm armed with prices, I can mark things off as I sort through them. Thank you everyone for your suggestions!
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