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 Fri, 19 Mar 2010 22:40:09 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Karen http://www.moneybluebook.com/how-to-value-your-clothing-donations-and-get-a-tax-deduction/comment-page-1/#comment-153998 Karen Fri, 19 Mar 2010 12:53:26 +0000 http://www.moneybluebook.com/how-to-value-your-clothing-donations-and-get-a-tax-deduction/#comment-153998 Sandie, I am having the same exact problem. I am using TurboTax. Sandie, I am having the same exact problem. I am using TurboTax.

]]> By: Sandie http://www.moneybluebook.com/how-to-value-your-clothing-donations-and-get-a-tax-deduction/comment-page-1/#comment-145610 Sandie Fri, 05 Mar 2010 18:12:34 +0000 http://www.moneybluebook.com/how-to-value-your-clothing-donations-and-get-a-tax-deduction/#comment-145610 I have done my taxes through Taxact and they have a donation assistant that values everything for you, which was very helpful. HOWEVER, I am now having to fill out how I acquired the clothing and when, that is pretty simple you can use purchase, gift etc for how and various for when. My problem occurs when they ask how much my cost was for the items. I have acquired these items over a few years and I have no idea how much to put there. One of my donations is worth over $3000 and the other over $600. I read in a previous post that the value is about 10%?? I don't know what to put there, can anyone help???? I really can't see me putting $30,000. in the blank but I don't know how much would be expected/acceptable since I really have no idea. HELP HELP thanks! I have done my taxes through Taxact and they have a donation assistant that values everything for you, which was very helpful. HOWEVER, I am now having to fill out how I acquired the clothing and when, that is pretty simple you can use purchase, gift etc for how and various for when. My problem occurs when they ask how much my cost was for the items. I have acquired these items over a few years and I have no idea how much to put there. One of my donations is worth over $3000 and the other over $600. I read in a previous post that the value is about 10%?? I don’t know what to put there, can anyone help???? I really can’t see me putting $30,000. in the blank but I don’t know how much would be expected/acceptable since I really have no idea. HELP HELP thanks!

]]> By: Loredise http://www.moneybluebook.com/how-to-value-your-clothing-donations-and-get-a-tax-deduction/comment-page-1/#comment-141179 Loredise Thu, 25 Feb 2010 05:19:33 +0000 http://www.moneybluebook.com/how-to-value-your-clothing-donations-and-get-a-tax-deduction/#comment-141179 I just cleaned my closet. I tried to sell my clothes in trading places, but they only bought 3 items because they shop according the season. I have summer clothes in really good condition and mostly brand new with tags attached. Probably the total will add around $250. I will like to donate it and deduct it from my taxes as well as my licesense plates renewal fee. My tax guy told me, only is tax deductuble if the donations add $6000 or more! Is that truth? Is is worth the trouble? Thank you! I just cleaned my closet. I tried to sell my clothes in trading places, but they only bought 3 items because they shop according the season. I have summer clothes in really good condition and mostly brand new with tags attached. Probably the total will add around $250. I will like to donate it and deduct it from my taxes as well as my licesense plates renewal fee. My tax guy told me, only is tax deductuble if the donations add $6000 or more! Is that truth? Is is worth the trouble? Thank you!

]]> By: hernanip http://www.moneybluebook.com/how-to-value-your-clothing-donations-and-get-a-tax-deduction/comment-page-1/#comment-131257 hernanip Wed, 03 Feb 2010 04:35:02 +0000 http://www.moneybluebook.com/how-to-value-your-clothing-donations-and-get-a-tax-deduction/#comment-131257 Hi All, Last November 2009, me and my wife did a garage sale of our stuff in my cousins house. We have called the Salvation Army to pick up some stuff that are not sold. After a few days, the Salvation Army truck went to my cousin house to pick up the stuff. Unfortunately, me and my wife are not there on that day. I am not really sure on what happened, the Salvation Army guy placed my cousin name in the receipt instead of my name. For the Income Tax filing, can i just erase my cousin name in the receipt and placed my name? Will IRS noticed that and question the erasures? Please help. Hi All,
Last November 2009, me and my wife did a garage sale of our stuff in my cousins house. We have called the Salvation Army to pick up some stuff that are not sold. After a few days, the Salvation Army truck went to my cousin house to pick up the stuff. Unfortunately, me and my wife are not there on that day. I am not really sure on what happened, the Salvation Army guy placed my cousin name in the receipt instead of my name. For the Income Tax filing, can i just erase my cousin name in the receipt and placed my name? Will IRS noticed that and question the erasures? Please help.

]]> By: ERIC http://www.moneybluebook.com/how-to-value-your-clothing-donations-and-get-a-tax-deduction/comment-page-1/#comment-128599 ERIC Wed, 27 Jan 2010 14:31:38 +0000 http://www.moneybluebook.com/how-to-value-your-clothing-donations-and-get-a-tax-deduction/#comment-128599 I want to donate some good used clothes to a church. What do I need to do and do they suppose to give me a receipt? I do not know to much about this, so can someone show me what I need to do. I want to donate some good used clothes to a church. What do I need to do and do they suppose to give me a receipt? I do not know to much about this, so can someone show me what I need to do.

]]> By: Dixie http://www.moneybluebook.com/how-to-value-your-clothing-donations-and-get-a-tax-deduction/comment-page-1/#comment-123072 Dixie Tue, 05 Jan 2010 12:05:31 +0000 http://www.moneybluebook.com/how-to-value-your-clothing-donations-and-get-a-tax-deduction/#comment-123072 Karin, As retired IRS employee & current IRS Enrolled Agent, there is no such thing as X dollars per bag. You should keep a list of items for your records. I know it is common practice among a few tax preparers to do this to pad your deductions. However, for certain, IRS will request a reasonable detailed description of the items if you are audited. It seems there are quite a few confused people replying concerning the $250 & $500 limits which require forms. These limits are for SINGLE ITEMS (a bag of clothes would be multiple items), such as a fur coat or jewel ring. Generally, the total limit for charitable deductions is limited to %50 of your adjusted gross income, and may be limited to 30% or 20% of your adjusted gross income, depending on the type of property you give and the type of organization you give it to. Your deductions are also limited if your income is over $166,800. If you are over the limit, you are allowed to carry the difference over to you next year's return. I sincerely hope this clarifies these issues. Karin, As retired IRS employee & current IRS Enrolled Agent, there is no such thing as X dollars per bag. You should keep a list of items for your records. I know it is common practice among a few tax preparers to do this to pad your deductions. However, for certain, IRS will request a reasonable detailed description of the items if you are audited.

It seems there are quite a few confused people replying concerning the $250 & $500 limits which require forms. These limits are for SINGLE ITEMS (a bag of clothes would be multiple items), such as a fur coat or jewel ring. Generally, the total limit for charitable deductions is limited to %50 of your adjusted gross income, and may be limited to 30% or 20% of your adjusted gross income, depending on the type of property you give and the type of organization you give it to. Your deductions are also limited if your income is over $166,800. If you are over the limit, you are allowed to carry the difference over to you next year’s return. I sincerely hope this clarifies these issues.

]]> By: Karin http://www.moneybluebook.com/how-to-value-your-clothing-donations-and-get-a-tax-deduction/comment-page-1/#comment-120643 Karin Tue, 29 Dec 2009 18:22:26 +0000 http://www.moneybluebook.com/how-to-value-your-clothing-donations-and-get-a-tax-deduction/#comment-120643 This year I had to use a CPA to handle my tax return. He told me that I could deduct $200 PER BAG of clothing donated to Goodwill. After so many years of doing this, I never knew I could deduct so much. This year I had to use a CPA to handle my tax return. He told me that I could deduct $200 PER BAG of clothing donated to Goodwill. After so many years of doing this, I never knew I could deduct so much.

]]> 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.

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