Follow Us: Google+
 
Bankrate.com

taxes

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 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.

Men's clothing work sheet
Men's clothing
Average price per item
low and high
Number of items x price = donation amount
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
Women's clothing
Average price per item
low and high
Number of items x price = donation amount
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
Children's clothing
Average price per item
low and high
Number of items x price = donation amount
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:
$ ___________

Click here for a PDF version of the children's clothing work sheet.

Household goods work sheet
Household goods
Average price per item
low and high
Number of items x price = donation amount
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.

 

-- Updated: Dec. 22, 2008

advertisement

Show Bankrate's community sharing policy
            Connect with us
Overnight Averages
Product Rate +/- Last week
30 yr fixed
4.01%
4.04%
15 yr fixed
3.11%
3.18%
5/1 ARM
2.82%
2.88%
View rates in your area:
Product Rate +/- Last week
30K Home Equity Loan
6.10%
6.08%
30K HELOC
5.21%
5.21%
50K HELOC
4.75%
4.71%
View rates in your area:
Product Rate +/- Last week
36 Mo Used Car
2.76%
2.76%
48 Mo Used Car
2.70%
2.70%
48 Mo New Car
2.58%
2.58%
View rates in your area:
Product Yield +/- Last week
6 Mo CD
0.41%
0.41%
1 Yr CD
0.62%
0.62%
5 Yr CD
1.23%
1.23%
Compare rates:
Product Rate
Low Interest Cards 10.93%
Balance Transfer Cards 16.00%
All Variable 15.25%
Compare rates:  
advertisement
Most Read
  1. 10 ways to turn off a homebuyer
  2. No more Social Security at 62?
  3. What TV homes cost in real life
  4. 5 frugal ways to expand living space
  5. Naughty things credit card won't buy
  6. What it takes to remodel kitchen
  7. Danny Bonaduce's house for rent
  8. Bruce Willis' house for sale
  9. 12 meanest cars for the environment
  10. Celebrity estate planning mistakes
Looking for FREE tax advice?
From Federal and State tax law changes, to rates and tools, our expert advice will help you stay informed.
advertisement
As the economy slowly improves, states are beginning to dig out of their recession-level fiscal holes.
Partner Center
advertisement

Advertising Disclosure: Bankrate.com is an independent, advertising-supported comparison service. Bankrate may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website.