Tax Valuation Guide for Goods Donated to Charity

Bankrate.com

As you clean out your closet or reorganize your household, be sure to keep track of the items you give to charity. It's your job, not the charity's, to report the value of the donation to the Internal Revenue Service.

For any items donated after Aug. 17, the new Pension Protection Act (which became law on that August date), requires that all household items given to a charity must be in good or better condition. Some questionable items that you donated in previous years and claimed were worth a few dollars because they were in "fair" condition are no longer acceptable.

Several computer software programs are available to help you figure the tax value of your good will. But many people still prefer to use pen and paper, jotting down the item and its worth as they are pulling it from the closet or dresser drawer. If that's your style, the following list will give you an idea of what your donated clothing and household goods are worth. It indicates fair market values for some common items as suggested in the Salvation Army's valuation guide.

Use the work sheets below to record your contributions and use them when you itemize your deductions. If you prefer to download and print a PDF version of each work sheet, see the notation following each.

You don't have to send in your list of donated items with your return. Simply keep the information with your personal tax records and put the total contribution amount on line 16 of your Schedule A.

If you make a single noncash gift worth between $250 and $500 (for example, you donate a vehicle), you also need to get for your records a written acknowledgment of your gift from the qualified charitable organization.

And if the total of all your contributed property comes to more than $500, you do have to file IRS Form 8283 with your tax return.

Men's clothing
Average price
per item
Low and High
Number of items
x Price = Donation amount
Shirt
$2.50
$12.00
___ x ______ = ______
Slacks
$5.00
$12.00
___ x ______ = ______
Sweater
$2.50
$12.00
___ x ______ = ______
Overcoat
$15.00
$60.00
___ x ______ = ______
Belt/Necktie
$3.00
$8.00
___ x ______ = ______
Suit
$15.00
$60.00
___ x ______ = ______
Jacket
$7.50
$25.00
___ x ______ = ______
Shoes
$3.50
$25.00
___ x ______ = ______
Total of all donated items:
$__________

Click here for a PDF version of the men's clothing work sheet.

Women's clothing
Average price
per item
Low and High
Number of items
x Price = Donation amount
Blouse
$2.50
$12.00
___ x ______ = ______
Slacks
$3.50
$12.00
___ x ______ = ______
Coat
$10.00
$40.00
___ x ______ = ______
Dress
$4.00
$19.00
___ x ______ = ______
Sweater
$3.75
$15.00
___ x ______ = ______
Pantsuit
$6.50
$25.00
___ x ______ = ______
Handbag
$2.00
$20.00
___ x ______ = ______
Shoes
$2.00
$25.00
___ x ______ = ______
Total of all donated items:
$__________

Click here for a PDF version of the women's clothing work sheet.

Children's clothing
Average price
per item
Low and High
Number of items
x Price = Donation amount
Blouse
$2.00
$8.00
___ x ______ = ______
Shirt
$2.00
$6.00
___ x ______ = ______
Dress
$3.50
$12.00
___ x ______ = ______
Slacks
$2.00
$8.00
___ x ______ = ______
Jeans
$3.50
$12.00
___ x ______ = ______
Coat
$4.50
$20.00
___ x ______ = ______
Sweater
$2.50
$8.00
___ x ______ = ______
Shoes
$2.50
$8.75
___ x ______ = ______
Total of all donated items:
$__________

Click here for a PDF version of the children's clothing work sheet.

Household goods
Average price
per item
Low and High
Number of items
x Price = Donation amount
Towels
$0.50
$4.00
___ x ______ = ______
Sheets & pillows
$2.00
$8.00
___ x ______ = ______
Blanket
$2.50
$8.00
___ x ______ = ______
Bicycle
$15.00
$65.00
___ x ______ = ______
Floor lamp
$7.50
$40.00
___ x ______ = ______
Sofa
$35.00
$200.00
___ x ______ = ______
Throw rug
$1.50
$12.00
___ x ______ = ______
Color TV
$75.00
$225.00
___ x ______ = ______
Kitchen set
$35.00
$170.00
___ x ______ = ______
Bedroom set
$50.00
$170.00
___ x ______ = ______
Total of all donated items:
$__________

Click here for a PDF version of the household goods work sheet.



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• Donating a Vehicle
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