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Money and Finances
Reply to "How to value in-kind donations for taxes"
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[quote=Anonymous]Here's what you do. Create a speadsheet, list the item and the date you donated it, and put the "thrift store value." As in, white men's dress shirt, $4. So for a bag of used clothes in good condition you have, what, roughly 15 items. Print this out and attach it to a receipt from Goodwill or wherever you took the items. The main problem is your tax person, if you have one -- will they accept this documentation for donated items? Your valuations? And then of course in the case of an audit. If you wanted to, you could take a photo of the items in a group as backup. It does add up over the course of a year if you regularly donate household items, clothes, books, furniture, etc. I donate a lot of stuff and also make donations to organizations as well. I just keep all receipts, the spreadsheets, thank you letters/emails, etc., in a folder. [/quote]
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