Get the Most Value from your Charitable DonationsMar 12 '01 Write an essay on this topic.
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The Bottom Line This article lists the thrift shop values for many commonly donated items. Use the values in this list when determining your deduction for charitable donations.
I have been understating the value of my charitable contributions for years. This year, I didn't make the same mistake. Let me tell you more... If you are like me, every December I clean out my closets and dressers to find clothing and other household items that I can donate to charity. Not only does it make me feel good to contribute to a worthwhile cause, but I also know I will benefit when April 15 rolls around. Each year, I kept track of my donations and placed a value on these items. Little did I know that I was significantly understating their value. According to the tax regulations, if you itemize, you are permitted to take the fair market or thrift shop value for all items donated. I had never shopped in a thrift store so I really had no idea what value to place on each item. How much is a used sweatshirt worth? I have no idea. So, I placed values of $0.50 to $2.00 on every item I donated because I assumed that was the value I could place on the item in a garage sale. I was wrong!!! Following are the values that Goodwill Industries in the Dayton, Ohio area provided to me for a wide variety of items. Each item listed has a range. The better the condition, the greater the value. Use this list as a guideline for taking your deduction. Women's Clothing Blouse: $3 to $6 Bridal: $75 to $150 Coat: $4 to $22 Dress: $5 to $22 Handbag: $1 to $10 Shoes: $3 to $4 Skirt: $3 to $8 Slacks: $3 to $8 Suit: $7 to $20 Sweater: $2 to $5 Men's Clothing Jacket: $4 to $22 Shirt: $3 to $12 Shoes: $4 to $5 Slacks: $3 to $8 Suit: $7 to $20 Sweater: $3 to $9 Children's Clothing Coat: $5 to $7 Dress: $2 to $5 Pants: $2 to $5 Shirt: $2 to $5 Skirt: $2 to $5 Sweater: $2 to $5 Household Items Bedspreads: $3 to $24 Blanket: $3 to $8 Curtain: $2 to $12 Pillow: $2 to $8 Sheet: $2 to $8 Throw rug: $2 to $12 Towel: $1 to $4 Furniture / Other Bed (headboard / rails): $8 to $40 China cabinet: $10 to $100 Coffee table: $5 to $65 Computer / Equipment: $75 to $300 Dining room table: $10 to $100 Dresser with mirror: $20 to $100 End table (pair): $10 to $50 Entertainment bookshelf: $10 to $75 Exercise equipment: $10 to $75 Kitchen chair: $3 to $50 Lamps: $3 to $50 Mattress / Boxsprings: $10 to $50 Piano / Organ: $50 to $200 Printer: $5 to $30 Sofa: $15 to $100 Sofa bed: $15 to $100 Stereo / VCR: $15 to $100 TV: $20 to $100 Upholstered chair: $10 to $75 I know this list doesn't cover everything, however I believe it provides an excellent start point for 95% of us that donate items. If you have donated other items, use a reasonable value. Or if you're uncertain, make a trip to a thrift store and look around. You may be surprised. And as a final note... Remember that contributions totaling $250 or more must be substantiated by a signed receipt or written acknowledgment from the charity. (I typically get a receipt stating that I donated so many boxes of clothing. It doesn't have to detail every individual item for smaller ticket goods.) But you should create and keep an itemized listing of your donated items, just in case you get audited. Happy donating!  |
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