Donation to thrift shop calculation for tax deductions help?
Donation to thrift shop calculation for tax deductions help?
How much would a perfect conditon-hundred fifty dollar skirt- sell for at a thrift shop?
I am trying to figure this out for tax dedutions on the clothing I am donating?
Answers:
Judy: Probably something like $25. But check with a thrift shop.
2008-02-17 13:03:08
2008-02-17 13:03:08
Chosen Answer
soha: On my valuation guide that I received the last time I donated the average Salvation Army thrift store deduction price for a "good condition" skirt is $3 on the low end and $8 on the high end. It says that new or expensive items would be higher, and this list is for your guidance only. If you can, take a digital picture of everything you are donating and keep it in your file for that tax year. You can also find comparable skirts being sold on ebay and print those prices out to keep with the skirt. Make sure to get a receipt for your donated items as well (best if it's itemized). All of this is in case you are audited.... it happened to me. I don't think you should go much over $25 at the most.
2008-02-17 13:07:38
soha: On my valuation guide that I received the last time I donated the average Salvation Army thrift store deduction price for a "good condition" skirt is $3 on the low end and $8 on the high end. It says that new or expensive items would be higher, and this list is for your guidance only. If you can, take a digital picture of everything you are donating and keep it in your file for that tax year. You can also find comparable skirts being sold on ebay and print those prices out to keep with the skirt. Make sure to get a receipt for your donated items as well (best if it's itemized). All of this is in case you are audited.... it happened to me. I don't think you should go much over $25 at the most.
2008-02-17 13:07:38
just me: depends on many factors. Was the skirt purchased last week or ten years ago - is it out of style. as desireability is a factor in determining FMV. Think about why you are donating it, If it is because it is real old, no longer stylish then the person who purchases it would not pay alot because of those reasons.
I would go to a thrift store and look at the average prices and ask the manager what would they sell the skirt for.
Make sure you get an itemized receipt for the clothing you are donating in case of an audit. Most of the time charitable donations do not make a big difference in a return but can be a red flag for the IRS if a huge deduction is taken.
My guess would be $20.00
2008-02-17 13:08:42
2008-02-17 13:08:42
bostonianinmo: Typically between 10 and 20 cents on the dollar compared to the new price, assuming that it's in near-new condition.
2008-02-17 13:27:08
2008-02-17 13:27:08