Question: Step by Step process of donating to goodwill or similar charity?
Can someone tell me the step by step process of donating clothing to goodwill store or similar style places and bing able to get the tax deduction. I have to use the long form for tazes anyway so might as well get the deduction if I can. Oh, This is mainly for used clothing and household goods. Good clean stuff thats left over from multi family house cleaning and yardsale.
I’ve never donated anything to get the deduction before, my prvious deductions have been drop offs. So I dont know what to expect.Also, Does it matter for taxes when the donation takes place? Such as there is a goodwill store close by in the next state.
Thanks again for any helpful answers!
Answer: 1. Each time you donate, make sure to obtain a receipt
2. Keep a record along with your receipt with a list of items donated
3. At the end of the year, make an estimate of the total value you are trying to claim. IRS allow Fair Market Value. Use this sheet as a guideline.
4. If the total is less than $500, then deduct the value in Schedule A Line 16
5. If the total value is greater than $500, you have to use Form 8283
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Retailers in the U.S. have over $65 Billion worth of inventory annually in an overstocked position, causing a drain on profits and taking time and focus from personnel. The Retail Orphan Initiative announced today the launch of an online charity locator to match up retailers looking to donate overstocked merchandise with local charities, thus receiving a potential tax deduction for items that …
Goodwill of DE & DE County Donations