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Tax valuation guide for donated goods
As you clean
out your closet or reorganize your household, be sure to keep track of the items
you give to charity. It's your job, not the charity's, to report the value of
the donation to the Internal Revenue Service.
Tax law now requires that all
household items given to a charity must be in
good or better condition. Those questionable
items you donated in previous years and claimed
were worth a few dollars because they were in
fair condition are no longer acceptable.
Several computer software programs are available to
help you figure the tax value of your goodwill.
But many people still prefer to use pen and
paper, jotting down the item and its worth as
they are pulling it from the closet or dresser
drawer. If that's your style, the following
list will give you an idea of what your donated
clothing and household goods are worth. It indicates
fair market value for some common items as suggested
in the Salvation
Army's valuation guide.
Use the work sheets below to record your contributions
and use them when you itemize your deductions. If you prefer to download and print a PDF version of each work sheet, see the notation
following each.
You don't have to send in your list of donated items
with your return. Simply keep the information with your personal tax records and
put the total contribution amount on line 17 of your Schedule A.
Also, be sure to get a receipt
from the charity of your donated goods, again
for your personal records. The nonprofit won't
put a dollar value on this receipt, but it will
help you prove that you did indeed donate the
property if the IRS asks.
If you do make a single noncash
gift worth between $250 and $500 (for example,
you donate a vehicle), you will need that receipt
or a written acknowledgment of your gift from
the qualified charitable organization.
And
if the total of all your contributed property comes to more than $500, you
have to file IRS
Form 8283 with your tax return.
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| Men's clothing work sheet |
|
|
|
|
| Shirt |
$2.50 |
$12.00 |
___
x ____ = _____ |
| Slacks |
$5.00 |
$12.00 |
___
x ____ = _____ |
| Sweater |
$2.50 |
$12.00 |
___
x ____ = _____ |
| Overcoat |
$15.00 |
$60.00 |
___
x ____ = _____ |
| Belt or necktie |
$3.00 |
$8.00 |
___
x ____ = _____ |
| Suit |
$15.00 |
$60.00 |
___
x ____ = _____ |
| Jacket |
$7.50 |
$25.00 |
___
x ____ = _____ |
| Shoes |
$3.50 |
$25.00 |
___
x ____ = _____ |
| |
|
|
|
| Total of all donated items: |
$ ___________ |
|
| Women's clothing work sheet |
|
|
|
|
| Blouse |
$2.50 |
$12.00 |
___
x ____ = _____ |
| Slacks |
$3.50 |
$12.00 |
___
x ____ = _____ |
| Sweater |
$2.50 |
$12.00 |
___
x ____ = _____ |
| Overcoat |
$15.00 |
$60.00 |
___
x ____ = _____ |
| Belt or necktie |
$3.00 |
$8.00 |
___
x ____ = _____ |
| Suit |
$15.00 |
$60.00 |
___
x ____ = _____ |
| Jacket |
$7.50 |
$25.00 |
___
x ____ = _____ |
| Shoes |
$3.50 |
$25.00 |
___
x ____ = _____ |
| |
|
|
|
| Total of all donated items: |
$ ___________ |
|
| Children's clothing work sheet |
|
|
|
|
| Blouse |
$2.00 |
$8.00 |
___
x ____ = _____ |
| Shirt |
$2.00 |
$6.00 |
___
x ____ = _____ |
| Dress |
$3.50 |
$12.00 |
___
x ____ = _____ |
| Slacks |
$2.00 |
$8.00 |
___
x ____ = _____ |
| Jeans |
$3.50 |
$12.00 |
___
x ____ = _____ |
| Coat |
$4.50 |
$20.00 |
___
x ____ = _____ |
| Sweater |
$2.50 |
$8.00 |
___
x ____ = _____ |
| Shoes |
$2.50 |
$8.75
|
___
x ____ = _____ |
| |
|
|
|
| Total of all donated items: |
$ ___________ |
|
| Household goods work sheet |
|
|
|
|
| Towels |
$0.50 |
$4.00 |
___
x ____ = _____ |
| Sheets
and pillows |
$2.00 |
$8.00 |
___
x ____ = _____ |
| Blanket |
$2.50 |
$8.00 |
___
x ____ = _____ |
| Bicycle |
$15.00 |
$65.00 |
___
x ____ = _____ |
| Floor lamp |
$7.50 |
$40.00 |
___
x ____ = _____ |
| Sofa |
$35.00 |
$200.00 |
___
x ____ = _____ |
| Throw rug |
$1.50 |
$12.00 |
___
x ____ = _____ |
| Color TV |
$75.00 |
$225.00 |
___
x ____ = _____ |
| Kitchen set |
$35.00 |
$170.00 |
___
x ____ = _____ |
| Bedroom set |
$50.00 |
$170.00 |
___
x ____ = _____ |
| |
|
|
|
| Total of all donated items: |
$ ___________ |
| --
Updated: Dec. 22, 2008 |
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