Do I need a receipt (for when I actually purchased) every article of clothing ?
2007-12-18 09:19:34 · 12 answers · asked by GYJ-Dude 1 in Business & Finance ➔ Taxes ➔ United States
No - the purchase price of the clothing has nothing to do with a write-off. When you donate, they will give you a receipt for the value of the items donated - that number is the one you deduct.
2007-12-18 09:25:45 · answer #1 · answered by Dominicks Granny 4 · 0⤊ 0⤋
Your purchase receipts wouldn't mean anything now any way. An expensive item may now be rags and a cheap one still has some good use left in it. The question for tax purposes is what can the charity you donate the to sell them for. I have found that generally runs about 15% of the value new.
2007-12-18 17:56:17 · answer #2 · answered by Anonymous · 0⤊ 0⤋
No. When you donate to an organization, they generally let you estimate a reasonable value for the items and write you out a receipt. This is definitely true at Goodwill and The Salvation Army; I have personally donated there. No need for original receipts, just don't get carried away or you will raise flags.
2007-12-18 17:23:09 · answer #3 · answered by Anonymous · 0⤊ 0⤋
No. If you are not going to itemize, you don't need any sort of receipt at all.
If you itemize your income tax return and claim charitable donations for a deduction, you need some sort of receipt from the organization you donated to for your records, just in case the IRS ever comes breathing down your neck. It doesn't even have to list each item of the donation, just the overall value of the items. If you donate cash, be sure to get a receipt, again for your records.
2007-12-18 18:23:59 · answer #4 · answered by Big Jon 5 · 0⤊ 0⤋
when you donate? Or buy? If you are donating and you want to count it on your taxes, then you'll need a receipt from where ever you donate it. But unless you are planning on returning an item you purchased, then you shouldn't need a receipt. But they should always give you your copy of the receipt.
2007-12-18 17:24:58 · answer #5 · answered by The Super 4 · 0⤊ 0⤋
No. As long as your donation doesn't go over a certain limit miscellaneous items can be deducted at fair market value at the time of donation, not purchase. Used clothing isn't worth very much.
2007-12-18 17:22:41 · answer #6 · answered by kramerdnewf 6 · 0⤊ 0⤋
You can only take a deduction for the fair market value at the time of the donation. In the case of clothing, that would be garage sale pricing.
2007-12-18 17:59:33 · answer #7 · answered by bdancer222 7 · 0⤊ 0⤋
How about a list indicating all clothing donated with the fair market value indicated by each item? By the way, you can only use charity donaions, if you are able to itemized your deductions.
2007-12-18 20:19:49 · answer #8 · answered by Gary 5 · 0⤊ 0⤋
No, just make a reasonable estimate of the value.
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2007-12-18 17:22:41 · answer #9 · answered by fitzovich 7 · 0⤊ 0⤋
Of course not!
2007-12-18 17:22:21 · answer #10 · answered by rockerduff 2 · 0⤊ 0⤋