Author Topic: Tax Deductible Clothing Donations  (Read 2147 times)

MooseOutFront

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Tax Deductible Clothing Donations
« on: December 18, 2014, 08:48:53 AM »
I have a couple years worth of clothing I need to get donated by the end of the year.  I'm trying to find a good way to value each piece of clothing to get an "accurate" fair market value.  And by accurate I mean would stand up well enough to an audit.  What's a good methodology for this?  It will exceed $500 in deductions for sure, but will be less than $5,000.

MustachianAccountant

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Re: Tax Deductible Clothing Donations
« Reply #1 on: December 18, 2014, 08:59:30 AM »
Most places where you would donate clothing will give you a sheet with "suggested values" on it. You just have to ask for a receipt.

MooseOutFront

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Re: Tax Deductible Clothing Donations
« Reply #2 on: December 18, 2014, 09:02:32 AM »
That makes sense, thanks.  To what degree would you also recommend photos of said clothing donations?  Item by item, bag by bag, etc?

MustachianAccountant

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Re: Tax Deductible Clothing Donations
« Reply #3 on: December 18, 2014, 09:16:13 AM »
That makes sense, thanks.  To what degree would you also recommend photos of said clothing donations?  Item by item, bag by bag, etc?

If I felt the need to take pictures, I'd lay them out on the floor or bed in "batches." Item by item seems like overkill.

epipenguin

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Re: Tax Deductible Clothing Donations
« Reply #4 on: December 18, 2014, 09:25:23 AM »
You could try using Turbotax's ItsDeductible.

Bob W

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Re: Tax Deductible Clothing Donations
« Reply #5 on: December 18, 2014, 09:42:36 AM »
Wouldn't be too worried about an audit.   If you are audited and it comes up you can negotiate it down if need be.   I don't think a $200 tax reduction is worth an audit. 

In general, I would be between $3 and $10 per piece for tax purposes.   Get the receipt,  take the pictures.  You'll be fine. 

boarder42

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Re: Tax Deductible Clothing Donations
« Reply #6 on: December 18, 2014, 09:56:42 AM »
we always just make a list with tally marks and then i just use the Its Deductible app from Turbotax to enter it all

MooseOutFront

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Re: Tax Deductible Clothing Donations
« Reply #7 on: December 18, 2014, 10:11:50 AM »
So the turbotax app imputes a value per item based on what you enter?  That's cool.  I don't use turbotax, but I bet I can get ahold of just the it's deductible software somewhere.

And I'm not worried about the audit just based on this.  I bunch deductions every other year and this is the year so several things could be open for scrutiny.