Comments on: How To Value Your Clothing Donations and Get A Tax Deduction http://www.moneybluebook.com/how-to-value-your-clothing-donations-and-get-a-tax-deduction/ Personal Finance Beyond Credit Cards and Balance Transfers Sat, 07 Nov 2009 22:04:14 -0500 http://wordpress.org/?v=2.8.5 hourly 1 By: kotomi http://www.moneybluebook.com/how-to-value-your-clothing-donations-and-get-a-tax-deduction/comment-page-1/#comment-99272 kotomi Wed, 30 Sep 2009 17:15:48 +0000 http://www.moneybluebook.com/how-to-value-your-clothing-donations-and-get-a-tax-deduction/#comment-99272 I have many items/clothing aren't like brand name or anything but they are very pretty dresses and tops. I just don't fit in them. They are about 10-16$ worth each. How do I list them? like 1. Black Chiffon dress 2. Purple silk dress I have many items/clothing aren’t like brand name or anything but they are very pretty dresses and tops. I just don’t fit in them. They are about 10-16$ worth each. How do I list them?

like
1. Black Chiffon dress
2. Purple silk dress

]]> By: Christy http://www.moneybluebook.com/how-to-value-your-clothing-donations-and-get-a-tax-deduction/comment-page-1/#comment-99267 Christy Wed, 30 Sep 2009 16:44:55 +0000 http://www.moneybluebook.com/how-to-value-your-clothing-donations-and-get-a-tax-deduction/#comment-99267 I have a couple of questions, I have a woodstove that I was going to take to Goodwill, however, a friend at work really needs one and I was wondering if I give it to her for free if I can claim it as a deduction? Also, my husband and I sold a truck to this kid and he was supposed to pay us every two weeks and he hasn't and somehow or another he was able to get the title in his name and has since sold it. We have not seen a dime, we do have a promissary note, however going to court will be a pain. Can we just have him sign that it was given to him in order for us to get a tax deduction for the truck? We are selling it for $3,500....and we just want to get our money back somehow because I doubt he will pay us. I have a couple of questions, I have a woodstove that I was going to take to Goodwill, however, a friend at work really needs one and I was wondering if I give it to her for free if I can claim it as a deduction? Also, my husband and I sold a truck to this kid and he was supposed to pay us every two weeks and he hasn’t and somehow or another he was able to get the title in his name and has since sold it. We have not seen a dime, we do have a promissary note, however going to court will be a pain. Can we just have him sign that it was given to him in order for us to get a tax deduction for the truck? We are selling it for $3,500….and we just want to get our money back somehow because I doubt he will pay us.

]]> By: Erin http://www.moneybluebook.com/how-to-value-your-clothing-donations-and-get-a-tax-deduction/comment-page-1/#comment-94867 Erin Sun, 06 Sep 2009 16:17:51 +0000 http://www.moneybluebook.com/how-to-value-your-clothing-donations-and-get-a-tax-deduction/#comment-94867 This is just what I was looking for I have a boat load of old clothes my kids grew out of and I wanted to know how much I could get for each thing. Reading your comments was really helpful too. Thanks. This is just what I was looking for I have a boat load of old clothes my kids grew out of and I wanted to know how much I could get for each thing. Reading your comments was really helpful too. Thanks.

]]> By: Kim http://www.moneybluebook.com/how-to-value-your-clothing-donations-and-get-a-tax-deduction/comment-page-1/#comment-94482 Kim Fri, 04 Sep 2009 01:59:15 +0000 http://www.moneybluebook.com/how-to-value-your-clothing-donations-and-get-a-tax-deduction/#comment-94482 I have recently lost a lot of weight (5 sizes worth) and have a LOT of clothes I can't wear. In addition to making an itemized list, would it make sense to take pics? Or would the fact that I lost 60 PBS be enough substantiation? Thnx for any advice. I have recently lost a lot of weight (5 sizes worth) and have a LOT of clothes I can’t wear. In addition to making an itemized list, would it make sense to take pics? Or would the fact that I lost 60 PBS be enough substantiation? Thnx for any advice.

]]> By: Missy http://www.moneybluebook.com/how-to-value-your-clothing-donations-and-get-a-tax-deduction/comment-page-1/#comment-90721 Missy Thu, 20 Aug 2009 23:24:25 +0000 http://www.moneybluebook.com/how-to-value-your-clothing-donations-and-get-a-tax-deduction/#comment-90721 I wish I knew all of this before the last day of my garage sale when I was giving things away of value!!! I wish I knew all of this before the last day of my garage sale when I was giving things away of value!!!

]]> By: Althea http://www.moneybluebook.com/how-to-value-your-clothing-donations-and-get-a-tax-deduction/comment-page-1/#comment-85677 Althea Sat, 25 Jul 2009 18:22:28 +0000 http://www.moneybluebook.com/how-to-value-your-clothing-donations-and-get-a-tax-deduction/#comment-85677 I have closed my retail store and I have a lot of merchandize that i do not have the time or patience to sell. I am sure there is about 5000 pieces. Do I have to write a full description of each item or can i just make a list and combine items the same such as (jeans) and quantites and list (new) or (resale)? Also can I write off up to the 5000.00 per year until the inventory is gone? Last question is there cap on how much can be deducted per year? I have closed my retail store and I have a lot of merchandize that i do not have the time or patience to sell. I am sure there is about 5000 pieces. Do I have to write a full description of each item or can i just make a list and combine items the same such as (jeans) and quantites and list (new) or (resale)? Also can I write off up to the 5000.00 per year until the inventory is gone? Last question is there cap on how much can be deducted per year?

]]> By: amrita agrawal http://www.moneybluebook.com/how-to-value-your-clothing-donations-and-get-a-tax-deduction/comment-page-1/#comment-84733 amrita agrawal Tue, 21 Jul 2009 03:13:15 +0000 http://www.moneybluebook.com/how-to-value-your-clothing-donations-and-get-a-tax-deduction/#comment-84733 i am closing down my retail store and i have a lot of merchandize that i don't have the patience to sell. there will be about 5000 pieces. does anyone know of an company that can come and do the appraisal of fair value for me. i live in texas. Also can i just make a list of the items and quantites since i have the inventory information and all items are new. i am sure the fair value is way over $5000 i am closing down my retail store and i have a lot of merchandize that i don’t have the patience to sell. there will be about 5000 pieces. does anyone know of an company that can come and do the appraisal of fair value for me. i live in texas. Also can i just make a list of the items and quantites since i have the inventory information and all items are new. i am sure the fair value is way over $5000

]]> By: Joe http://www.moneybluebook.com/how-to-value-your-clothing-donations-and-get-a-tax-deduction/comment-page-1/#comment-79281 Joe Tue, 23 Jun 2009 01:58:30 +0000 http://www.moneybluebook.com/how-to-value-your-clothing-donations-and-get-a-tax-deduction/#comment-79281 Depends on what state you live in whether there is still an advantage. As an example, in North Carolina, you get a tax credit for charitable contributions on the State Tax Return even though you do not itemize your deductions on the Federal Tax Return. As far as Federal, you should compute your tax return both ways. Standard deduction and itemized with contributions to see which is better. Depends on what state you live in whether there is still an advantage.
As an example, in North Carolina, you get a tax credit for charitable contributions on the State Tax Return even though you do not itemize your deductions on the Federal Tax Return.
As far as Federal, you should compute your tax return both ways. Standard deduction and itemized with contributions to see which is better.

]]> By: Ann http://www.moneybluebook.com/how-to-value-your-clothing-donations-and-get-a-tax-deduction/comment-page-1/#comment-78151 Ann Wed, 17 Jun 2009 11:59:11 +0000 http://www.moneybluebook.com/how-to-value-your-clothing-donations-and-get-a-tax-deduction/#comment-78151 Hi, We recently went through our clothes and realized we have a lot of clothing items that we do not use anymore. We live in an apartment so yard sale is not an option and since the clothes are in very good condition (my 4 year old didn't wear some at all) we thought donation may be a good idea. The information provided here is very good, thank you for taking the time to share it. I have one last question, I currently don't know what the total value of our donation will be but I estimate it will be higher than 500 dollars. We don't own a house and we don't itemize our taxes which we prepare with Turbotax. Financially speaking - would donation still be a viable option for us? I don’t know if it would be higher than the standard deduction. Hi,

We recently went through our clothes and realized we have a lot of clothing items that we do not use anymore. We live in an apartment so yard sale is not an option and since the clothes are in very good condition (my 4 year old didn’t wear some at all) we thought donation may be a good idea. The information provided here is very good, thank you for taking the time to share it. I have one last question, I currently don’t know what the total value of our donation will be but I estimate it will be higher than 500 dollars. We don’t own a house and we don’t itemize our taxes which we prepare with Turbotax. Financially speaking – would donation still be a viable option for us? I don’t know if it would be higher than the standard deduction.

]]> By: Betsy http://www.moneybluebook.com/how-to-value-your-clothing-donations-and-get-a-tax-deduction/comment-page-1/#comment-69538 Betsy Mon, 11 May 2009 18:05:52 +0000 http://www.moneybluebook.com/how-to-value-your-clothing-donations-and-get-a-tax-deduction/#comment-69538 Marge, To the best of my knowledge, there are no upper limits on this type of deduction. This is more about documentation. The IRS requires you have documentation (a receipt from the charity plus the detailed list you create) in your records to support non-monetary deductions of over $250 to a single charity and/or over $500 in total to multiple charities. Hope that helps. Marge,

To the best of my knowledge, there are no upper limits on this type of deduction. This is more about documentation. The IRS requires you have documentation (a receipt from the charity plus the detailed list you create) in your records to support non-monetary deductions of over $250 to a single charity and/or over $500 in total to multiple charities. Hope that helps.

]]> By: Stephanie http://www.moneybluebook.com/how-to-value-your-clothing-donations-and-get-a-tax-deduction/comment-page-1/#comment-65974 Stephanie Wed, 22 Apr 2009 15:16:37 +0000 http://www.moneybluebook.com/how-to-value-your-clothing-donations-and-get-a-tax-deduction/#comment-65974 Recently the Salvation Army is claiming the IRS made them stop giving the 25% off to shoppers who bring in a donation. I asked an employee about this, and he couldn't tell me the reason why (said his Manager never told them a real reason). (hmmmmm) They said Goodwill was also stopping the % they give with a donation. I went into the Goodwill store, and they haven't heard anything about this, and I can't believe the IRS would single out one thrift store and not another? Then I found out the Managers get a % of all Softlines (clothing) sold within their store. And an employee told me the 'Red Kettle' doesn't all go to 'World Funds' as Salvation Army wants us to believe. 1/3 goes to paying for the store and employee paychecks, 1/3 goes to a Rehab Center, and 1/3 goes who knows where? (maybe Manager bonuses?) I cannot in good conscious support Salvation Army anymore. I do know I will be shopping Goodwill and donating to Goodwill. Recently the Salvation Army is claiming the IRS made them stop giving the 25% off to shoppers who bring in a donation. I asked an employee about this, and he couldn’t tell me the reason why (said his Manager never told them a real reason). (hmmmmm) They said Goodwill was also stopping the % they give with a donation. I went into the Goodwill store, and they haven’t heard anything about this, and I can’t believe the IRS would single out one thrift store and not another? Then I found out the Managers get a % of all Softlines (clothing) sold within their store. And an employee told me the ‘Red Kettle’ doesn’t all go to ‘World Funds’ as Salvation Army wants us to believe. 1/3 goes to paying for the store and employee paychecks, 1/3 goes to a Rehab Center, and 1/3 goes who knows where? (maybe Manager bonuses?) I cannot in good conscious support Salvation Army anymore. I do know I will be shopping Goodwill and donating to Goodwill.

]]> By: Bill http://www.moneybluebook.com/how-to-value-your-clothing-donations-and-get-a-tax-deduction/comment-page-1/#comment-63931 Bill Wed, 08 Apr 2009 20:42:28 +0000 http://www.moneybluebook.com/how-to-value-your-clothing-donations-and-get-a-tax-deduction/#comment-63931 Both my parents died during 2008 i donated most of thes clothes and some house hold items to the salvation army made lists and have reciepts from them the total will be over $500.00 but less then $5000.00 is there a limit i can claim in one year for the donation which forms do i have to use (EX.8283) and how much detail do i need to list (EX. 30 pair of pants @ $10) with a large donation do ihave to worry about the IRS questioning it the was a lot of good condition or better items i cleaned out a large 5 bedroom house. what is the maximum that i can claim. thanks Both my parents died during 2008 i donated most of thes clothes and some house hold items to the salvation army made lists and have reciepts from them the total will be over $500.00 but less then $5000.00 is there a limit i can claim in one year for the donation which forms do i have to use (EX.8283) and how much detail do i need to list (EX. 30 pair of pants @ $10) with a large donation do ihave to worry about the IRS questioning it the was a lot of good condition or better items i cleaned out a large 5 bedroom house. what is the maximum that i can claim. thanks

]]> By: Marge http://www.moneybluebook.com/how-to-value-your-clothing-donations-and-get-a-tax-deduction/comment-page-1/#comment-63759 Marge Tue, 07 Apr 2009 18:05:42 +0000 http://www.moneybluebook.com/how-to-value-your-clothing-donations-and-get-a-tax-deduction/#comment-63759 so if you visit charity "a" and give them $250 plus in donations and then visit charity "a" another time and give them $250 plus in donations ....You can only deduct $500 to Charity "a"? But then you also donate $250 to Charity "B".....can you deduct a grand total of $750.00 or not? so if you visit charity “a” and give them $250 plus in donations and then visit charity “a” another time and give them $250 plus in donations ….You can only deduct $500 to Charity “a”? But then you also donate $250 to Charity “B”…..can you deduct a grand total of $750.00 or not?

]]> By: Janine http://www.moneybluebook.com/how-to-value-your-clothing-donations-and-get-a-tax-deduction/comment-page-1/#comment-61388 Janine Mon, 23 Mar 2009 16:26:52 +0000 http://www.moneybluebook.com/how-to-value-your-clothing-donations-and-get-a-tax-deduction/#comment-61388 We moved last year and my husband took boxes and bags of things to the GOodwill. I cannot for the life of me remember everthing, we have many, many receipts. Is it true you can just take $25 per bag or box? We moved last year and my husband took boxes and bags of things to the GOodwill. I cannot for the life of me remember everthing, we have many, many receipts. Is it true you can just take $25 per bag or box?

]]> By: Penny http://www.moneybluebook.com/how-to-value-your-clothing-donations-and-get-a-tax-deduction/comment-page-1/#comment-60402 Penny Mon, 16 Mar 2009 20:33:34 +0000 http://www.moneybluebook.com/how-to-value-your-clothing-donations-and-get-a-tax-deduction/#comment-60402 Hey Nicole, You'll have to complete the add'l form based on the Grand Total. Here's how I remember it: $250/max total per visit, $500 max grand Total to avoid extra form, less than $5000 grand total to aviod an appraisal. I don't take any pics, but I do itemize everything and staple it to my receipts throughout the year (ex: M lavendar Ann Taylor cashmere v neck, $20). Hey Nicole,

You’ll have to complete the add’l form based on the Grand Total. Here’s how I remember it: $250/max total per visit, $500 max grand Total to avoid extra form, less than $5000 grand total to aviod an appraisal.

I don’t take any pics, but I do itemize everything and staple it to my receipts throughout the year (ex: M lavendar Ann Taylor cashmere v neck, $20).

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