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Donating clothes

Old 01-30-2005, 04:43 PM
  #1  
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Default Donating clothes

You guys are a huge source of random information. I love it.

New question. When you donate your old clothes to goodwill and they give you a blank receipt, what do you use to come up with a monetary calculation that you can use as a tax deduction? There must be a maximum that you can deduct using the clothes donation thing. I have about 15 trash bags that I'm donating tomorrow and would like to know if I need to count things or not.
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Old 01-30-2005, 05:28 PM
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Default RE: Donating clothes

I take that deduction every year. Max amount is $450.00.But I generally donate 6-7 large lawn bags of clothes. Hope this helps.
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Old 01-30-2005, 05:40 PM
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That's what I needed to know.
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Old 01-30-2005, 06:58 PM
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Default RE: Donating clothes

You do not have to itemize the donation.
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Old 01-31-2005, 05:20 AM
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Default RE: Donating clothes

NECKBONE VERY IMPORTANT !!!!!!
Some of the info above isn't quite right !!! We have been donating for years and just put down some ammount. Last year I had H&R BLOCK do my taxes, I just didn't have time, they told me that I could itemize. I did and it made a VERY LARGE difference in my deduction and tax refund. Also there is NOT a $450 max, mine was WAY higher than that and I was able to use it all. I don't mean to dispute anyone and I am by no means a tax expert, but this is based on FACT from my 2003 taxes. Maybe give your local H&R Block office a call, I bet they would answer the question for free, and no I don't work for them or know anyone who does. I just hate paying a penny more tax that I have too
David

OH BTW, I am talking Federal taxes. I can't remember about state, there may be a max there or something.
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Old 01-31-2005, 04:30 PM
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Default RE: Donating clothes

Let me start by saying I'm not an accountant.

I believe the way it works is there is an amount, $500 I think, where any goods donated over that amount need a receipt and proof of value. So you are free to donate $10,000 worth of clothing, you just must be able to prove how that bag of clothes is worth that much. BTW-You will need more than the blank receipt most charites provide. You need to determine how much someone would pay for your old t-shirts and underwear and itemize the goods. Hence that's why most folks don't take more the $450 or so as a deduction.
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Old 01-31-2005, 04:30 PM
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Default RE: Donating clothes

BTW- this separate from any cash donations
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Old 01-31-2005, 04:54 PM
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Default RE: Donating clothes

There is a guideline list ( again I think it came from HRB ) that tells what you can deduct for all types of cloths as well as other things. It gives prices for different items, eg; shirts, dresses, shoes...that are in Good, fair, or poor condition. Only reason I keep harping on this is that it made such a BIG difference in my taxes last year and others can do the same.
David
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Old 01-31-2005, 07:28 PM
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Default RE: Donating clothes

we donate about 20 bags of clothes and household items every year(large family ). the salvation army or church group has a list which will give the value of just about every item you could think of donating. Last year the total of goods donated was valuedat $2379.00 for tax purposes.
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