Itemizing donations of bags of stuff

[Anonymous]

We put out several bags of stuff at a time for 4-5 charity pickups each year (Vietnam Vets, Purple Heart, whatever). How do I capture the value at tax time? Do people itemize at the time they pack up the bags and out them out at the curb?? Or is there an easier way to do it after the fact?

[Anonymous]

Yeah, you need a list. And the orgs should provide you a receipt. you cannot deduct without the receipt.

[Anonymous]

I write down every item and use a list from Goodwill's website to come up with a value. I print and include the list in my tax documents. We save stuff in a big box and do this twice a year or so. I pull it out of the box and say what it is and DH types it in. Then I go through the list and put a $ amount. Takes about an hour.

If you do curbside how do you get a receipt? I go to Goodwill on Glebe Rd in Arlington and they take the items out of your trunk for you and hand you a receipt slip.

[Anonymous]

Goodwill on S. Glebe at Rt 50 is open until 8:30pm Mon - Sat.

[Anonymous]

I create a detailed list when I bag them and take a few pictures of the load to document. At tax time I enter them all on turbo taxes it's deductible. Takes a while, but it pays off in the end as I seem to end up with many bags of this each year.

[Anonymous]

I keep a bag and sheet of paper in my closet and note items and they get tossed in the bag. Once I have filled a few, I donate. Then I itemize in It's Deductible/Turbo Tax.

[Anonymous]

Wow, really. You guys are organized. I no longer itemize but back when I did, I guesstimated. The receipts are basically worthless. They just have some scrawl that says "household" or clothes and you fill in them amount.

[Anonymous]

Anonymous wrote:I keep a bag and sheet of paper in my closet and note items and they get tossed in the bag. Once I have filled a few, I donate. Then I itemize in It's Deductible/Turbo Tax.

Careful with its deductible - it has a bug.. I went back in to reduce quantities and imported again and the numbers did not adjust appropriately. Write down the number from its deductible and then compare to what was imported to make sure.

[Anonymous]

I just estimate come tax time, I'm definitely not organized enough to make a list.

[Anonymous]

Anonymous wrote:I create a detailed list when I bag them and take a few pictures of the load to document. At tax time I enter them all on turbo taxes it's deductible. Takes a while, but it pays off in the end as I seem to end up with many bags of this each year.

This is what I do, too, without the pictures (although I've thought of taking them and then haven't done it). I don't know what bug the other PP is referring to. I don't import anything, just type it into It's Deductible.

[Anonymous]

Anonymous wrote:I just estimate come tax time, I'm definitely not organized enough to make a list.

Well, I guess that works until you get audited.

[Anonymous]

Not worth my time to document it all, so I don't deduct those kind of donations.

[Anonymous]

Anonymous wrote:I write down every item and use a list from Goodwill's website to come up with a value. I print and include the list in my tax documents. We save stuff in a big box and do this twice a year or so. I pull it out of the box and say what it is and DH types it in. Then I go through the list and put a $ amount. Takes about an hour.

If you do curbside how do you get a receipt? I go to Goodwill on Glebe Rd in Arlington and they take the items out of your trunk for you and hand you a receipt slip.

I go one step farther. I videotape the items I put in the bag or box or whatever and e-mail the video to myself.

[Anonymous]

I keep a basket in one of our closets and a notepad and pen in there. Any time that I toss something in the basket, I write it down. Around tax time I add the costs in and then deduct it from taxes.

I think it's worth my time... I probably donate $400 a year. At even a 20% tax rate, that's $80 off my taxes. Takes minimal time.

[Anonymous]

Anonymous wrote:Not worth my time to document it all, so I don't deduct those kind of donations.

I donated $1,700 worth of stuff this year. That represented a tax savings of more than $500 to me. It was worth my time.