You can write up stuff up to $500 just based on the "fair market value" of the items. Above $500 you have to prove the value of the items.
To get the fair market value do a web search on "fair market value of donated items" or something like that, there should be various links to give you a good idea of the value. If the number comes out above $500 I'd just deduct $495 and not worry about the difference.
If the number is over $500 and you really want to try to get more, you can download IRS form 8283 (from the IRS web page) and try to fill it out. If you don't have enough info to fill out form 8283 (you probably won't), just take $495 and move on.
2007-06-02 13:54:33
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answer #1
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answered by Slumlord 7
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Donating Furniture Tax Deduction
2016-10-29 07:23:28
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answer #2
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answered by ? 4
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This Site Might Help You.
RE:
Can I donate furniture to Goodwill and write off the values of the furniture on myh taxes?
I have a king size mattress set, 32" tv and chaise sofa that I do not want to move cross country. Can I have Goodwill pick it up and write it off? IF so how do I determine the value?
2015-08-24 02:24:08
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answer #3
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answered by Abdullah 1
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The ordinary taxpayer has a couple of options for determining values for a pile of clothes or a few stray pieces of furniture. Some charities provide guidance on what your household donations are likely to bring when they sell them. Goodwill Industries posts values for dozens of common items at www.goodwillpromo.org.
2007-06-02 13:49:11
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answer #4
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answered by shepardj2005 5
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You might want to try selling them thru Craigslist.com
in addition, you will only be able to write off on your taxes if you generally file a Schedule A - if you don't own a house, have an above average of medical bills not paid by insurance, etc ....then it is not in your interest to file a Schedule A and therefore you will not benefit on your taxes from donations to charity. This is a very general rule that you should be aware of -
also if you are moving for work - you may be able to write off moving expenses - go into your regional H&R that is open year round and go get some free advice re: write-offs.
Good luck with the move!
2007-06-02 13:58:03
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answer #5
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answered by Anonymous
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It depends on the condition of the clothes. You also need to be able to itemize your deductions. Contact your local Salvation Army and ask them about donating and establishing the value of the donated clothing. I think you can download a copy of Taxcuts "Deduction Pro" program to help track donations and certain expenses that are tax deductible. It has a value guide you can print out if you want. Some items like cars and appliances depend on what they sell for. If you donate a car worth $3,000,you have to wait until the charity sells the car to determine deduction value. You will get a larger tax deduction if you keep a list of each article of clothing you donate than if you take a deduction for a bag of clothes. A donation of 7 pairs of mens jeans in like new condition will be better than a bag of jeans.
2016-03-14 03:13:03
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answer #6
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answered by Anonymous
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YOU CAN TAKE A DEDUCTION FOR YOUR DONATION...YOU CAN HAVE UP TO $250 IN NON CASH CONTRIBUTIONS WITHOUT HAVING TO LIST WHOM YOU DONATED TO...YOU DO HOWEVER WANT TO GET A RECIEPT FROM THE ORGANIZATION...HERE IN SAN ANTONIO OUR GOODWILLS NORMALLY JUST HAND OUT A SHEET OF PAPER WHICH THE INDIVIDUAL DONATING IS THEN LEFT TO DETERMINE VALUE...SOME HAVE OVER STATED ...AND YET ANOTHER RULE CAME TO BE THIS PAST TAX SEASON...
WHEN AN INDIVIDUAL MAKES A CHARITABLE NON CASH CONTRIBUTION VALUED OVER $600 MUST NOW HAVE A SIGNED APPRASAL, I AM NOT SURE HOW THIS WILL WORK WITH THRIFT STORES BUT I AM GUESSING THEY WILL ALL PROBABLY HAVE A CERTIFIED APPRAISER ONSITE FOR SUCH THINGS
2007-06-05 21:55:20
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answer #7
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answered by kay 2
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Sure, you can take a write off if you itemize. You get to determine the value... and as long as the IRS doesn't challenge your value, you'll get that deduction. Try to avoid a red flag by valuing your sofa for $10,000. Perhaps a good rule of thumb is to consider what you paid, the condition, and what you feel you get legitimately get for it at a yard sale. I'm not sure anyone will take your mattress, though... you'll have to probably give it to someone you know or trash it.
2007-06-02 13:49:29
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answer #8
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answered by Mike S 7
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I have never donated furniture to Goodwill, but I have donated to the Salvation Army. Yes, they give you a receipt for your taxes, but I am unaware of how much it will help.
2007-06-02 13:48:23
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answer #9
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answered by Papa Damn™ 5
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Yes you can donate it, and yes you can write it off your taxes.
To determine value,,,, I would estimate what you paid for it, how long you've had it, then divide that figure in half,,,,,and take off another 20% for depreciation ...... Then ask them to write you a reciete for that amount....when they come get it.
We donated some similar items about 2 years ago. And it was so easy. Here's what we did:
Bed + Mattress + box spring + frame = $1200.00
Big//Large Sleeper Sofa = $ 800.00
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$2,000.00
Had both for about 10 years, so we divided that amt. in half =
$1,000.00
Then take off for the 20% depreciation = 800.00
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This is your total value of $ 200.00
_____________This is only an example...........
2007-06-02 13:57:22
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answer #10
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answered by Anonymous
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