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What are the tax rules concerning charitable donation of used clothing?
Posted on 12/2/12 at 1:56 pm
Posted on 12/2/12 at 1:56 pm
I have a pile of used clothing to donate to goodwill and want to maximize my tax deduction. What is the annual limit on this type of deduction? How are these items valued? How do I doccument what I donated and the value of it all (i.e. do I need pictures, etc.)?
Posted on 12/2/12 at 5:24 pm to Spankum
ive yet to do it, but i think the goodwill place gives you a tax form to fill out
i think you are responsible for valuing the donation, which seems like quite a loophole
i could be completely wrong on all of that though
i think you are responsible for valuing the donation, which seems like quite a loophole
i could be completely wrong on all of that though
Posted on 12/2/12 at 8:08 pm to Spankum
I always do an item by item with price value to the side. The value should be what a like item would be priced for at Goodwill. Ex. $8 each for 10 long sleeve button up. Good condition. Everything I have ever donated is good or excellent condition. I think the max is $500 a year without having receipts, etc. My CPA always says don't cheat yourself on deductions just be able to prove it.
Posted on 12/2/12 at 10:11 pm to Spankum
You can claim up to $500 wiithout providing any detail of what sort if non-cash contributions you made. If you claim over $500 then you must attach a Form 8283 providing detail of who, what, where, when and how much you donated. The Form 8283 does not provide enough space to detail out what specific items you donated. I usually use descriptions like Clothing, Toys, Household Goods, Furniture without providing specifics. If you claim a deduction of $5,000 or more, then you have to have an appraisal report.
Goodwill, St Vincent de Paul and the other big charities have forms they weill give you to document your contribution. In general they do not inventory what you donated and leave it to you to provide the detail. The IRS isn't in the habit of challenging deductions for charitable contributions as the tax revenue isn't worth the bad publicity has been my experience.
Goodwill, St Vincent de Paul and the other big charities have forms they weill give you to document your contribution. In general they do not inventory what you donated and leave it to you to provide the detail. The IRS isn't in the habit of challenging deductions for charitable contributions as the tax revenue isn't worth the bad publicity has been my experience.
Posted on 12/3/12 at 9:13 am to Spankum
goodwill gives receipts
up to you to value under 5k
up to you to value under 5k
Posted on 12/3/12 at 10:16 pm to yellowfin
thanks to all...very good info...
Posted on 12/3/12 at 11:51 pm to Spankum
I usually take a picture of the whole lot of donations to attach to the itemized list as further documentation.
Posted on 12/4/12 at 7:54 am to Spankum
The goodwill receipts are usually pretty vague like "2 bags of clothes and shoes" so as long as you keep it under 5k there's no way to prove it wasn't worth what you claim because it's long gone.
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