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Donating Stuff - tax tracking
Posted: Thu Jun 11, 2009 11:05 am
I'm going through a massive spring cleaning at my house and will be donating tons of stuff. So far, I've always just given little bits and pieces to my mom to donate or to others for their garage sales... but, this time around, I've got TONS to get rid of and want to get my tax credit as due...
I've heard that there is sort of a "set amount" that things are kind of worth - like, "t-shirts: $5 each"; "jackets: $25 each" kind of thing...
Does anyone have a place to look that info up or a handy excel spread sheet they'd care to share?
I want to get the most out of this and have it as organized and documented as I need.
Any help is appreciated... thanks!
Salvation Army Donation Value Guide
Posted: Thu Jun 11, 2009 11:13 am
http://www.salvationarmyusa.org/usn/www ... enDocument
This one should help. There are a few of them out there.
Posted: Thu Jun 11, 2009 7:13 pm
I think we usually say $xx per bag, and the accountant said this method is ok.
You don't actually intended to document exactly how many socks, shirts, underwear, blowses, sportcoats, mittens, etc.. you donate each year, do you???
Posted: Fri Jun 12, 2009 12:22 pm
citizenx... that was my plan... but, like I said, I've never actually taken the time to do this before. So, if I don't have to - that'd be great too. I just want to have whatever "appropriate documentation" I'll need. Do we have any tax folks on the board who would know what the "right" answer is on how to do this?
Posted: Fri Jun 12, 2009 12:33 pm
Not a tax expert, but here's the IRS link on non-cash charitable deductions. Of course the donations are only deductible if you file a 1040 and itemize deductions. You need to fill in the form if your total of non-cash charitable giving is over $500. I've generally found it fairly simple to use. If you're not outrageous about it, you shouldn't have a problem. The IRS isn't going to track you down and argue over the value of a shirt. 1000 shirts? You might have a problem. I suspect many people don't want the bother of it all and just automatically fill in a figure just shy of the $500 limit.
Posted: Fri Jun 12, 2009 7:56 pm
We use the form.
One more schedule on our 1040 package isn't going to break the bank.
We do a lot of donating. Makes way more sense than running a garage sale for this stuff, only to end up with stuff that needs to be donated afterward anyways.
I like any of the folks who come to our house to pick up stuff. Disabled American Vets / Viet Nam Vets, Courage Center, Lupus, etc...