Four Large Bags of Clothes good for tax return?

Question

We're moving and have about 4-5 Large Black Bags of Clothing, toys and kitchen stuff... Nothing is broken, stained or really old.

We live about 30mins from Goodwill but there is a location about 2mins from me where i can just drop off stuff and the GoodWill truck will pick up.

My question is.. Is i really worth the 30min drive to get a receipt for a tax deduction? Or should i just drop it off mear my home?

Dont know if this helps but we donated a car this year also.

Answer 1

It depends. If you do not normally itemize, it probably won't do you much good. If you normally itemize, it will certainly help. You need to make an itemized list before dropping them off. It is up to you to assign values to all of the items. If you are unsure, you can try the link below. This is a good guide to valuing non-cash donations. As far as donating the vehicle goes, your deductible donation is limited to the amount the charity receives when selling your vehicle at auction. The charity should provide you with a Form 1098-C letting you know how much that was.

I noticed that somebody else mentioned that you don't need a receipt for donations under $250. That is not the case anymore. The IRS requires you have receipts for all donations.

http://www.salvationarmysouth.org/valueguide.htm

Answer 2

If you aren't going to itemize, then it's definitely not worth the drive to get a receipt - you won't get any tax benefit anyway. If you are going to itemize, your tax benefit from the donation would be the fair market value of the items - what Goodwill will sell them for - times your tax bracket. So if the used value of the items is $200 and you're in a 15% bracket, your tax savings would be $30.

You should have gotten a receipt from the organization showing what they sold the car for that you donated. You'll need that to take a deduction - and again, if you don't itemize, it doesn't give you any tax benefit.

Answer 3

For under $250 you do not need the receipt. What will Goodwill sell the clothes for?

Answer 4

i might maximum possibly take it as much as risk-free practices. i don't comprehend a thank you to tell if something is obviously stolen or no longer, even though it extremely is not mine. And if I took it, it would be seen stolen. And the only element i've got ever stolen replaced right into a p.c.. of gum whilst i replaced into approximately 6. And we did no longer have a motor vehicle, so my mom made us all march lower back to the gas station after incredibly much getting residing house. She replaced into pissed, and that i cried. Yeah, stealing isn't something I do. lol