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Clothing donation valuation
Posted by: davemchine
Date: May 29, 2013 05:46PM
My wife donates a lot of clothing to goodwill and our local mission. I'm wondering what is a fair way to value the clothing so we can claim it on our taxes? All of the clothing was purchased to wear in the office. Value of individual items range from $50 and up originally. Thanks for any thoughts.



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[colquhoun.info]
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Re: Clothing donation valuation
Posted by: dmann
Date: May 29, 2013 05:53PM
Donation valuation chart from Goodwill. I use this as a guideline and my CPA agrees-
[www.goodwill.org]

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Re: Clothing donation valuation
Posted by: davemchine
Date: May 29, 2013 06:31PM
Thanks, that looks perfect.



Ukulele music I couldn't find anywhere else.
[colquhoun.info]
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Re: Clothing donation valuation
Posted by: Racer X
Date: May 29, 2013 06:32PM
those numbers look reasonable.
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Re: Clothing donation valuation
Posted by: DavidS
Date: May 29, 2013 09:59PM
I use [itsdeductibleonline.intuit.com]. It imports directly into TurboTax.
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Re: Clothing donation valuation
Posted by: BernDog
Date: May 29, 2013 10:45PM
Quote
DavidS
I use [itsdeductibleonline.intuit.com]. It imports directly into TurboTax.

I came to post that TurboTax has a calculator built in when you figure your return. Must be the same one. Works pretty well. I just document the items I donate throughout the year, and then enter the items at tax time.
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Re: Clothing donation valuation
Posted by: Michael
Date: May 30, 2013 05:40AM
My CPA told me that I could print out completed ebay sales for the same item and use it as the value since somebody bought/sold the item for that amount. I do that for more expensive items.
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