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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 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.  Watch "Tax changes for 2008"
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 values 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, again for your personal records,
a receipt from the charity of your donated goods.
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 later
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 |
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|
|
|
| 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: |
$ ___________ |
| Click
here for a PDF version of the men's clothing work sheet. |
|
| 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: |
$ ___________ |
| Click
here for a PDF version of the women's clothing work sheet. |
|
| 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 |
$8.7 |
___
x ____ = _____ |
| |
|
|
|
| Total of all donated items: |
$ ___________ |
Click
here for a PDF version of the children's clothing work sheet. |
|
| Household goods work sheet |
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|
|
|
| Towels |
$0.50 |
$4.00 |
___
x ____ = _____ |
| Sheets & 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: |
$ ___________ |
| Click
here for a PDF version
of the household goods work
sheet. |
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