The IRS Deductions Blog

Posts Tagged ‘tax deduction clothing donation’

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.

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