I've been debating do I just throw some old clothes in one of those metal thingies or call some sort of a donation place for a tax write off? Is it even worth the hassle?
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Donating old clothing for Tax Write off?
- Thread starter The Kid
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I just brought about 30 shirts to good will. I hope they go to a good home. They were very happy to get them. I don't think the tax write off will do much.
Too big or too small? :biggrin:
I drop off several bags of clothes at Goodwill every year. Is it worth the hassle? I don't know -- but I feel better about "recycling" the clothes through Goodwill rather than just dumping them into landfill. Plus, it's a little tax deduction; maybe enough for a pizza. And hey, free pizza!
we drop lots of stuff at salvation army,you'd be surprised what stuff they accept at thier larger facilities.BTW those supposed Big box clothes drops are mostly scams with names that sound phylanthropic,but they are just sly ways of you dropping your old clothes so that a few individuals make money selling the recycled raw materials from your clothes to other countries or to other clothing/insulation wholesalers
I drop off most of our old stuff at Goodwill, if I think it is worth anything I'll stop by Platos Closet, or whatever local vintage store and see what they are paying. I took some old western shirts, and some jeans I had by one of those places once and walked out with $80.00 seemed like a good deal to me.
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It's not worth it unless you plan to itemize. Basically you are allowed a given limit (off the top of my head I believe it's $500) that you can write off with little question. After that, you will need to submit an itemized form which lists each item, preferably with picture, actual value and then a donation value (which the IRS lists suggested values). You'll be surprised how little it adds up as a typical shirt (even if it is a $500 Versace) can only be claimed for like $3.50. By the time you put the effort to list, itemize and take a picture of each item you donate, you'll realize your time was worth more than that. Oh and you'll need a reciept to confirm your donation. I itemized once and pretty much vowed never to do it again. I just take the $500 cap and leave it at that, even though I donate way more than that every year.
If you do your taxes online like with Turbo tax, you don't need to fill out all those forms. All the IRS requires is that you save your Goodwill receipt. It's up to you to estimate what your shirt/shoes/belt/hats/computers/furniture/luggage etc is worth.
I feel good about donating gently used items every year, and it adds up to hundred of dollars of writeoffs.
I feel good about donating gently used items every year, and it adds up to hundred of dollars of writeoffs.
Turbo tax has a fairly comprehensive way of dealing with this. It doesn't add up to much, they have a 'standard value' for each type of clothing. A couple trash bags to good will full of clothes netted me about $200 in deductions. They provide generic receipts only by the way.
Again, if you below $500, you probably don't need any backup beyond a reciept. I donate well more than $500 a year but I put $500 standard every year because it is the threshold where you don't need to put a lot of effort into it. If you have less than $1,000-$2,000 you probobably won't get audited but you take that risk. Beyond that, I would highly recommend getting a detailed list like I mentioned above and not rely on something simple like a TurboTax list. The burden of proof will be on you to prove your donations and a list you made up won't cut it.
I give clothes and other stuff to goodwill everyyear. Glad it goes to a good cause and turbo tax makes it easy to estimate. I stay under the $500 cap though.
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We like to take our old clothes to the shelter, they go to immediate use and the people are grateful. I get a receipt based on a reduced value for tax purposes and it does help if you donate enough, normally between the 4 people in my family we have enough to help. They also take old furniture and toys. My kids really liked taking their toys they didn't play with anymore. I remember one year we didn't make it inside with a battery operated pony that a little girl saw and wanted and my daughter gave it to her from the pile we were bringing in.
It's definitely worth it if you itemize and +1 on Turbo Tax. If you go online there is an IRS guide to how much items are worth; you'd be surprised. Sometimes Goodwill will give out copies of this.
Which shelter?
I volunteer at one of the church run thrifts on the island and we donate quite a bit of clothing to Savannah Mission, but don't really have anywhere to donate non-clothing goods that just don't quite make the cut for the thrift.
The Union Mission on Fahm street in downtown Savannah will take furniture and stuff. Call ahead so they can open the storage place across the street from the main building. That's great you volunteer like that. I usually can't give much time although I have helped with the thanksgiving meal program and the trading places program (jews working for Christians on Christmas at local hospitals).
I donate clothing every year to a local program that provides court clothes for those defendants who have no clothes they could wear to trail. Typically these are indigent defendants.
I spoke to my accountant, he said the Vietnam vets take anything and give a generous written receipt. I have 4 bags of clothing ready and my old-school 60 inch TV all ready for pickup.
Sweet! Our veterans deserve anything we can do to help them out.
