For those who itemize taxes

[linnylu]

How do you figure the noncash items that you give to charity? We did a major decluttering of our home this year and donate almost 50 bags/boxes of clothes and toys to 2 different organizations. We did get receipts for tax purposes but all the receipts show is the # of bags/boxes. I need to figure out a dollar value. What do you do?

 

[Mom3girls]

I'm also curious to the answers you receive. I have a question of my own too...We cleaned out MIL house in Florida and received the same from Goodwill when they came. Now, can I use that to claim on our taxes? It has hubby's name on it but the property is located in Florida and we reside in New Jersey. Any idea???

 

[HHSTigerFan]

I guess and multiply is by about 5, been doing it that way for 30 years, so it must be right...

 

[bellarella]

I use It's Deductible by Turbo Tax.

 

[Pigeon]

I use It's Deductible by Turbo Tax.

Me, too. You plug in what you've donated, say five pairs of men's slacks, three sweaters and ten ties. There are a couple of categories for quality/price. It tells you the total.

When we make a Savation Army run, I make an itemized list of what we are donating.

 

[pklein09]

Did you keep a list of what was actually donated? Here's a website that can help you:

http://www.moneybluebook.com/how-to-value-your-clothing-donations-and-get-a-tax-deduction/

There's a click-through link for Good Will that will give you a general idea of what your items are worth tax-deduction wise. BUT you need an itemized list.

Good luck!

 

[tlbwriter]

I use It's Deductible by Turbo Tax.

Me too. It's fast and easy, and apparently they've worked with the IRS, or something, to ensure that their amounts will be accepted (even though they often seem to be on the high end to me).

 

[Disneefun]

1. Keep an itemized and dated list (I use a spreadsheet for this). As I toss things in boxes/bags, they go on the list and the price is recorded. Without a list, you're only guessing and the IRS frowns on guesses. Even though my receipt shows "X boxes" or in some cases is blank, I have the list showing exactly what was given to match up with the dated receipt.

2. Our local Goodwill keeps a price list on their website showing what they generally sell things for. I use that as my price guide for clothes/household goods/furniture. For books and media that I donate to the library, I use the prices that they sell for when the library has its book sale ($X for hardcover, $Y for paperback, $Z for DVD's).

3. The spreadsheet tallies my totals for the year from each organization and boom, at tax time all I have to do is carry those numbers over to the tax forms.

 

[Sadie22]

I make an itemized list before I donate anything which I will attach to the receipt Goodwill gives me. Photographs of the goods are good to keep, also. Anything given needs to be in good condition, not rags.

 

[snowywhite89]

How do you figure the noncash items that you give to charity? We did a major decluttering of our home this year and donate almost 50 bags/boxes of clothes and toys to 2 different organizations. We did get receipts for tax purposes but all the receipts show is the # of bags/boxes. I need to figure out a dollar value. What do you do?

You need an itemized list to get the value of the items in addition to the receipt from the place you donated the items to.,

 

[MeekoB]

Another vote for It's Deductible.

 

[Kies99]

We use either the Salvation Army Valuation guide:
http://www.salvationarmyusa.org/usn...d477340ffa28755c8525743d0049d1ef?opendocument

Or the Goodwill Valuation Guide:
http://www.goodwill.org/get-involved/donate/taxes-and-your-donation/

 

[jedijill]

Another vote for It's Deductible.

Me too. And I love that it imports directly into TurboTax.

Jill in CO

 

[akcire]

How do you figure the noncash items that you give to charity? We did a major decluttering of our home this year and donate almost 50 bags/boxes of clothes and toys to 2 different organizations. We did get receipts for tax purposes but all the receipts show is the # of bags/boxes. I need to figure out a dollar value. What do you do?

Our accountant has us take digital photos of everything we donate. So if we have a pile of clothes, we just make sure we lay them out so we can see we have X # of jeans, or X # of shirts, sorted into the different types. We keep this along with a receipt with the goodwill donation guide others have suggested.

If it is a non-clothes item we photograph it and approximate 10% of it's purchase price, unless we can find a higher valuation at the time of donation (for example we once donated a nearly new printer to our local animal shelter we bought it before we switched to MAC--it was in perfect condition, we just could not use it and it was on their "Wish List").

 

[linnylu]

Yes, I have an itemized list but I do not have pictures. I never would have thought of taking pictures- but it is a good idea. My list isn't very detailed though- it says 12 paperbacks, 3 of DS's jeans, etc. Should it list titles of books and sizes for clothes?

 

[sam_gordon]

I think you only need to turn in receipts when your donation is over $500.

I basically "guess" and make sure the guess is under $500. (I do have receipts, but do not have an itemized list).

I tried 'It's Deductible' from TurboTax one year. While easy, it was very time consuming (OK, I donated 10 baby bibs, 5 onsies, 7 infant blankets.... ).