You can look up values online. Goodwill has a calculator.

Anonymous wrote: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.

+1. It may seem excessive but this kind of documentation is what you will need in case of an audit.

Anonymous wrote:Turbo tax has a program called its deductible.

We use this. So easy to update during the year as you're making your donations so there's a whole lot less to do in April.

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.

OP, I looked up an IRS publication for this, and it clearly says to use the "used" value of the item. I think 1/4 of the "new" price is generally reasonable, although books would only sell for a dollar (or two at the most) no matter how much you paid for them. Figure out the "used" value and put that in TurboTax, then the $0.30 on the dollar is roughly what your donations reduce your taxes. TurboTax will take care of this part for you. You just need to figure out the value of your donations. Imagine you're pricing stuff to sell at a garage sale, and value your donations accordingly.

Use thrift store valuation. So, if you have like a $1,000 designer outfit you wore once and donate to charity, you might be able to deduct like $50.

http://www.washingtonpost.com/wp-dyn/content/article/2007/03/13/AR2007031301744.html

On Schedule A, there are 3 levels for non-cash donations,
less than $500, when just the name of the organizaiton is needed. $500 to $5000 dollars when a more detailed description, including purchase price, address for charity, and method of valuation. And > $5000 when an appraisal is needed.

Keep your valuation less than $500 unless you want to defend the deduction to an IRS agent. Defense would be clear knowledge of the resale value.

You enter the full value, not the 30%.

You enter the current value of the table-not what you paid for it. So think about what goodwill is likely to sell it for, and use that as its value.

Turbo tax has a program called its deductible.

Salvation Army has a suggested valuation list

Hello. We've always donated items to shelters, Goodwill, etc throughout the year. Prior to having a mortgage, we never itemized deductions so never bothered figuring out the value of the donated goods. But now that we have a house, we do itemize. How do you place a value on a donated item, especially if you don't have the receipt from way back when? Let's say I donated a table that cost me $200 when I bought it four years ago. I don't have the receipt to show the purchase price from then, but I remember the general amount. Do you value it at the purchase price or it's worth as a used item? If you place a value based on it being used, how do you calculate that value? Does the IRS have any rules of thumb for this? If I remember correctly, you get something like 30 cents for every $1 as a reduction to what you owe. So, when you tell Turbotax the value of what you gave to Goodwill, do you input the whole value or 30% of the value (or whatever it is). We don't donate enough items to make seeing an accountant worthwhile. But if it's an easy enough calculation, we'll start keeping track form her eon out. I'd appreciate any insights. Thanks!