I have over 50 shirts ,40 pairs of pants, 20 pairs of shorts, 5 pairs of shoes and 4 jackets that I am donating to the Michigan Kidney Foundation. I do not remember the actual value of each item. How do I write this up when I go to do my taxes this year?
2007-08-07 01:24:17 · 7 answers · asked by woodybmi 3 in Business & Finance ➔ Taxes ➔ Other - Taxes
They are all slightly worn, but in great shape. I have outgrown them and would like to see someone get some benifit from them.
2007-08-07 01:26:09 · update #1
I've attached a list of salvation army values for clothing.
2007-08-07 05:51:35 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The original value of the items when they were new has nothing to do with the amount of your tax deduction. Your deduction is what used items like those would be sold for.
The Goodwill site has a valuation guide you could use - it's at http://www.goodwillpromo.org/ - it shows ranges of values for various items. Salvation Army has a similar guide at http://www.usc.salvationarmy.org/usc/www_usc_arc.nsf/vw-sublinks/80256D2C0037B69686256BD6006AD411?openDocument
You will need an itemized list of the items you donated in a receipt from the Kidney Foundation to deduct the donation.
2007-08-07 03:22:40 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
The salvation army puts a guide online.
http://www.salvationarmysouth.org/valueguide.htm
you can use their figures to estimate what the thrift-shop resale value is. They give a low range and and high range. Depending on the quality of the clothing, you put it somewhere in the range.
Then, you get a receipt saying what you donated...
i.e. 50 shirts @ $4/shirt $200
40 pants @ $5/pair $200
etc.
When it comes to tax time, you'll need to file form 8283 if you donate non-cash items over $500. Where the IRS will want to know
1) date of contribution
2) date acquired by donor
3) how acquired by donor (i.e. purchased)
4) Donor's cost or adjusted basis (how much you originally paid)
5) fair market value (use the website below for your guide)
6) Method used to determine the fair market value (thrift shop value if you use the guide below).
I hope that helps.
2007-08-07 01:37:34 · answer #3 · answered by Michael K 5 · 0⤊ 0⤋
Go to your nearest goodwill store.
Look at their price. Generally, they have a flat rate for T-shirts, pants, etc... Total it up.
Note: All merchandise donated must be in good condition or better to get a deduction according to new IRS rules. I would suggest taking photos of the items.
If you take photos of the items and record Goodwill's sale price, you should have something to show the IRS if they ask.
-->Adam
2007-08-07 01:28:13 · answer #4 · answered by great_and_mighty_adam_levine 4 · 0⤊ 0⤋
1
2017-02-19 20:53:44 · answer #5 · answered by ? 4 · 0⤊ 0⤋
Cost Or Adjusted Basis
2017-01-01 10:15:35 · answer #6 · answered by Anonymous · 0⤊ 0⤋
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2016-06-01 03:18:46 · answer #7 · answered by lessie 3 · 0⤊ 0⤋