Tax Deduction Clothing
April 12th, 2010
Question: how do i know how much is my donations of goods worth for tax deduction purposes?
im planning on donating a box full of clothes, accessories, etc to a thrift store,, but i’ve never done this before and i would like to know how i would itemize for next year’s tax..
when i file my taxes next year will it ask for a $ amt of how much it’s worth? if so,, how would i know how much it is coz i do my own tax online..
will the thrift store give me some kind of receipt and will it have the amt on there?
will it even affect my tax? what’s the least amt i need to donate for it make a difference on my taxes
Answer: Walk around the thrift store and see what similar items are selling for – that’s what your deduction is, not what you paid for the items. For example, a shirt you paid $30 for might be a $2 deduction. Yes you’ll have to enter a value for your donation into the tax program. The thrift store will give you a receipt, but not with a value on it. Be sure to keep a list of the items you donated – keep it with the thrift store receipt, you’ll need both if the IRS asks to see them.
If you already itemize, even a small donation will affect your taxes. To itemize, your total Itemized Deductions (not just the donation) for 2009 would have to be over $11,400 if you file a joint return, or over $5700 if you’re single. Look at schedule A to see other itemized deductions. Unless you own a house with a mortgage, there’s a good chance you won’t have enough to itemize.
Items on Amazon Right Now for Tax Deduction Clothing:
| | ItsDeductible 2002 Cash for Your Used Clothing $25.00 Tax Year 2002 Workbook, 13th Edition of Cash For Your Used Clothing. Cash for Your Used Clothing is the only product on the market today that determines and assigns the actual fair market value to your charitable donations and guarantees you will increase your tax refund or your money back! An independent study showed that 91% of people who donate even one bag of clothing to charity value th… |
| | ItsDeductible Workbook for Tax Year 2005: The Blue Book for Donated Items $7.99 Every year, millions of Americans forfeit hundreds of dollars in legal tax savings simply because they underestimate the value of their charitable item donations. ItsDeductible, from the makers of TurboTax®, provides a simple solution to determining fair-market values. Updated annually, with assessments for over 1,000 categories, including jewelry, clothing, baby supplies, small appliances, exerc… |
| | MONEY For Your Used Clothing $25.00 “MONEY – For Your Used Clothing” provides the taxpayer with certified valuations for over 700 clothing and household items commonly donated to charity – and all in accordance with the New IRS guidelines. If you itemize your deductions on your annual income tax return, you will save hundreds of dollars by using this book! This book explains six simple steps for documenting donations and tells how t… |
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