For taxes, what amounts do you add up for clothes donations?

[colbyt]

Re: For taxes, what amounts do you add up for clothes donations?

Strange that about 90% of the people on the internet seem to be in that top 1%.

The internet expands everything. You ought to see the size of my............................

 

[bigdee]

Re: For taxes, what amounts do you add up for clothes donations?

Here is a list from the goodwill website showing valuation of donated clothing.

http://www.goodwill.org/wp-content/uploads/2010/12/Donation_Valuation_Guide.pdf

Best advice yet......use this guide and you will be safe. Or better yet just donate to a goodwill and they will give you a copy of your valued items that they report to the irs. It is getting harder and harder to find deductions these days.

 

[Bob_VT]

Re: For taxes, what amounts do you add up for clothes donations?

Since the lovely wife works with the Shelter network .......there are donations all the time. The shelter is a Non Profit 501c 3 organization and they issue tax receipts for any donation but the key is to ask. I know the IRS has guidelines for donations/value and you will have to look them up. (http://www.irs.gov/pub/irs-pdf/p1771.pdf)

Ask for a 501c 3 receipt.
Use the IRS guidelines (since charitable organizations are not tax authorities).

Most of all..........

Thank you for contributing

 

[Tim Frank]

Re: For taxes, what amounts do you add up for clothes donations?

The internet expands everything. You ought to see the size of my............................

Yup....

 

[jkust]

Re: For taxes, what amounts do you add up for clothes donations?

Strange that about 90% of the people on the internet seem to be in that top 1%.

Makes you wonder why my boat is only 18 feet.

 

[aspeck]

Re: For taxes, what amounts do you add up for clothes donations?

As a non-profit, we sometimes receive non-cash donations. We are careful to document them and give a "Thank-You" receipt of the donated items. We never put a value on the items. As per the IRS, we are a non-profit, not a valuation entity. The valuation is the onus of the giver, not the recipient. If you get a receipt for a donated item that includes the value, you better be sure you can substantiate that value somehow, because the IRS does not have to recognize that as the value.

Personally, when giving away larger items I always get an appraisal from 2 sources and average them together and keep the appraisals on hand (Motor home, car, boat, things like that). Clothing and small things I don't worry about, but if I did, I would be sure that it was within the "thrift shop" range of prices.

 

[Tim Frank]

Re: For taxes, what amounts do you add up for clothes donations?

Makes you wonder why my boat is only 18 feet.

Not really. I hadn't given it so much as a thought.