Garage Sale or charity for tax deduction?

[ADisneyQueen]

I have a bunch of toys and children's clothes I need to get rid of. I don't really want to have a garage sale- it's so much work. Should I give my stuff to Salvation Army and get the tax deduction receipt? How much will they give me?

 

[CarolG]

Around here charitable organizations give the donor a signed dated receipt, but the donor is responsible for entering a list identifying the donated items. The donor also assigns a value to each item.

Charitable Contributions: http://www.irs.gov/publications/p526/index.html
Determining the value of donated property: http://www.irs.gov/publications/p561/index.html

 

[SC Minnie]

Around here charitable organizations give the donor a signed dated receipt, but the donor is responsible for entering a list identifying the donated items. The donor also assigns a value to each item.

Charitable Contributions: http://www.irs.gov/publications/p526/index.html
Determining the value of donated property: http://www.irs.gov/publications/p561/index.html

You might be very surprised at how much they allow you to claim as a deduction for your items.

When we send stuff to Goodwill DH makes sure I keep a list of exactly what was send and the value I assigned per the guidelines just in case we ever need it.

 

[LindaR]

Be aware that the tax laws changed a few years ago (2, I think?) and in order to write it off, you must be able to show the receipts where you purchased the goods originally to show the original cost.

They are no longer just taking your word for the value of donated items, gotta back it up now.