molecularfire

I donated a bunch of things that I had lying around the house that I didn't need several months ago. Anyways, I am now filing the tax forms and have no idea how much was the value of what I donated. Is there a list or something that I can use as a guide on what the value of the stuff I donated was? I tried to look it up on the goodwill site but I couldn't find a list there. Any help would be appreciated. Thanks.

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brainsmile

keep the receipt that you donated. the value is pretty much up to you isn't it?

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mcs328

If you have turbo tax it comes with "It's Deductible". I'm always afraid they will ask for proof that I donated clothes in those bins at gas stations.

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molecularfire

I have the receipts from goodwill but it just says what I donated (and not very descriptive terms but I remember what I donated) not what the value of it is. I honestly don't know the value of what I donated (cleaned out a lot of old but good quality stuff from the garage). I was wondering if there is a guide of some sort that is generally accepted (I mean, what happens if the IRS doesn't agree with me on what something is worth). Also, what amount should I not go over to avoid raising eyebrows with the IRS (I don't have any proof of exactly what I donated except for what is vaguely written in the goodwill receipt). I donated a LOT of stuff but I am willing to underrepresent the value of what I donated if it will save me a headache later on. Any help would be appreciated. TIA.

chadlnc

The Salvation Army provides a valuation guide on their website that you can use to come up with the value on your donated items.

http://www.salvationarmyusa.org/usn/...C?openDocument

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kgsilvas

I used It's Deductible, but checked those numbers for reality with both the Salvation Army site and a few closed eBay auctions.

Paymaster

I'm not a tax lawyer or accountant, but from what I understand, if the value of a single donation is under $250.00, you don't even need a reciept. It's total honor system.

From $250.00 -> $500.00, you need a reciept that you made a donation, but the value is still your call.

Over $500.00, you need proof of what you paid for the item(s).

Software like "It's deductable" and "Deduction Pro" are useful, but you can do the same thing with the salvation army valuation guide above.

The IRS is cracking down on valuations for car donations and big stuff like that, but I wouldn't sweat too much about the goodwill type stuff. Just be honest and put what you think it is worth.

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clutchy

here's the deal. It's fair market value of the used goods you donated. If it's bags and stuff I wouldn't go much over 25-50 per bag unless of course you feel that your used stuff could command a high price point on the used market.

You are also going to put these deductions on the Schedule A( itemized deductions). So basically if you don't own a house and aren't "writing off" your home interest you probably won't be able to push yourself over the 5000 standard deduction. It's either or not both.

other fees that go on the schedule A to bump you over 5000 include medical expenses but only anything over 7.5 of adjusted gross income. DMV fees, points on your home loan. moving expenses, travel expenses. Miscellaneous over 2% of AGI. and of course charitable donations.

here's the Sch. A

http://www.irs.gov/pub/irs-pdf/f1040sab.pdf?portlet=3


I doubt you'll even be able to claim the stuff unless you own a home...

don't forget about tuition fees, and student loan interest deduction. You'll probably be able to take the lifetime learning credit.

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thanks X

molecularfire

Cool. Thanks guys. I had remembered that list from the Salvation Army but didn't find it on the goodwill website. I think I'll just leave it at $500 to save on the paperwork. I think the fair market value of the stuff I donated would go for above that but not worth the extra paperwork, getting it appraised, etc... Thanks again.

guiseppewv

I think you need to have a receipt to claim the donation. Anyone here know for sure?



FYI: DMV fees are only deductible if it is a personal property tax on your vehicle or a fee based on the value of your vehicle.

clutchy

It's a good thing to have it, but i only think you need it if you get audited. Always should though.

DMV: well, out here in california our DMV fees are based on the value of our vehicle(reg fees) that's what i meant maybe it didn't come out that way. Not like drivers license fees or whatever...

guiseppewv

No prob, I just thought I would clear it up so people wouldn't think they could write off any DMV fees.