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Donating mostly shirts and sweaters to Goodwill. How do I determine how much I can include as a donation to charity for each item when I do my taxes early next year?
In USA.

Thank you.

2007-11-12 05:08:04 · 3 answers · asked by Stupid Flanders 7 in Business & Finance Taxes United States

I have not donated the items yet, but my experience has been that they give you a blank receipt when you drop off large amounts of clothing.
How do I know how much to put on this receipt is, I guess, what I am asking?

2007-11-12 05:28:32 · update #1

3 answers

If you didn't get a receipt for the items, you can't take a deduction. And all items must be in at least good used condition to deduct the donation. The website http://www.cincinnatigoodwill.org/donating/FMV2005.pdf will give you guidelines on valuing each item. The deductible amount is what they can sell the items for, not what you paid for them.

2007-11-12 05:15:54 · answer #1 · answered by Judy 7 · 1 0

You need receipts in order to claim charitable donations now. You should have gotten receipts from each donation you made to Goodwill. In general, the deductible amount is considered "fair market value," which would be the amount it would sell for in a fair market. So, how much do used shirts and sweaters sell for in your neighborhood? If they were specifically designer or very expensive items, it is unlikely you can deduct much. Go find your receipts (the ones from goodwill, not your original purchase price)

2007-11-12 05:15:50 · answer #2 · answered by Piggiepants 7 · 0 0

For donations of old clothing, your donaton amount would be the amount you value your old belongings to be worth. For the most part it's always $100-250. Unless you donate big applicances.
Make sure Goodwill or whatever place you donate to give you a receipt.

2007-11-12 05:19:56 · answer #3 · answered by LoveStoned 2 · 1 0

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