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Posted by sandybeth on May 24, 2008, 3:37 pm
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I will be donating clothing, coats, housewares & some furniture to
either Salvation Army or Goodwill soon & will be getting a receipt.
Is there a website with a valuation guide list for items donated? For
example, what could I claim for a man's jacket in good condition? I
want to be sure to keep accurate records now since the IRS is getting
more strict on charitable contribution documentation.
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Posted by Arthur Kamlet on May 24, 2008, 6:07 pm
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>I will be donating clothing, coats, housewares & some furniture to
>either Salvation Army or Goodwill soon & will be getting a receipt.
>Is there a website with a valuation guide list for items donated? For
>example, what could I claim for a man's jacket in good condition? I
>want to be sure to keep accurate records now since the IRS is getting
>more strict on charitable contribution documentation.
Here is one such guide
http://www.satruck.com/ValueGuide.aspx
Note that all items of used clothing and household goods must
be in good or better condition.
Although any such item in less than good condition that is worth
$500 or more and is accompanied by a qualified appraisal and signed
by a qualified appraiser, on the back of the Form 8283 may be allowed.
--
ArtKamlet at a o l dot c o m Columbus OH K2PZH
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
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Posted by D. Stussy on May 24, 2008, 7:20 pm
Please log in for more thread options > I will be donating clothing, coats, housewares & some furniture to
> either Salvation Army or Goodwill soon & will be getting a receipt.
> Is there a website with a valuation guide list for items donated? For
> example, what could I claim for a man's jacket in good condition? I
> want to be sure to keep accurate records now since the IRS is getting
> more strict on charitable contribution documentation.
Photograph the donated items to prove their condition.
The costs of the photographs will be a miscellaneous deduction subject to
the 2% of AGI floor.
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by Mark Bole on May 24, 2008, 8:15 pm
Please log in for more thread options sandybeth wrote:
> I will be donating clothing, coats, housewares & some furniture to
> either Salvation Army or Goodwill soon & will be getting a receipt.
> Is there a website with a valuation guide list for items donated? For
> example, what could I claim for a man's jacket in good condition? I
> want to be sure to keep accurate records now since the IRS is getting
> more strict on charitable contribution documentation.
Turbotax has an optional module, I believe Taxcut has something similar,
that purports to be a database of fairly accurate values for used items
based on the condition, style, and use:
"Condition is determined by the amount of noticeable wear and/or defects
an item may have. Items with excessive wear or defects may be worth
little or no value."
"Style is defined by factors such as brand, features, material, size,
fashion, etc. depending on the item."
"Use is defined by how useful the item would be in someone's home or
business today."
They define something as having "high" value under this system if the
following holds (this is the actual wording from the software
documentation):
* Style: Top brands/manufacturers, features, materials, etc.
* Condition: Looks new, no noticeable wear
* Use: Is still useful for the average consumer today
I've always wondered what good simply taking a photo of the donated item
is, after all you could have gone into a store and taken a photo of a
new item on the display floor. Probably better to make sure the photo
includes you and a worker from the charitable organization in the same
frame along with the item, if you're really concerned.
Finally, my personal opinion as both a taxpayer and tax preparer, there
are so many options today for selling used items, from Craigslist to
EBay to used book stores and consignment stores, it'd be better to
disallow non-cash donations that aren't formally appraised or don't have
an easily determined FMV -- let the donee sell the item and donate the
cash, plus take a deduction for the costs of sale, if it's that
important to them. I find myself from time to time reminding clients,
gently, that the meaning of "charity" isn't defined primarily by the
ability to take a tax deduction.
-Mark Bole
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by sandybeth on May 26, 2008, 12:14 pm
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> Finally, my personal opinion as both a taxpayer and tax preparer, there
> are so many options today for selling used items, from Craigslist to
> EBay to used book stores and consignment stores, it'd be better to
> disallow non-cash donations that aren't formally appraised or don't have
> an easily determined FMV -- let the donee sell the item and donate the
> cash, plus take a deduction for the costs of sale, if it's that
> important to them. I find myself from time to time reminding clients,
> gently, that the meaning of "charity" isn't defined primarily by the
> ability to take a tax deduction.
>
> -Mark Bole
It is interesting to me that you allow your personal opinion on
donations to influence your response to your clients regarding a
perfectly legal tax deduction. Obviously you don't have to worry
about such a small $$ matter yourself, but there are plenty of people
on fixed incomes who need such deductions. Maybe these same people
tithe to their church and give generously, moreso than you maybe. I
give plenty of money away that I CAN'T claim, so when I can claim
something it is beneficial to me. In fact, I would like to volunteer
for Hospice but have to travel 30 miles to do so, and since mileage
cannot be fully deducted, it prevents me from volunteering. Can't
afford the gas. There is an entire workforce of seniors out here that
our society could tap into--we don't want to be paid for our time, but
we can't afford to spend money on volunteering.
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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