Results 1 to 9 of 9

Thread: How do you assign value to old clothing?

  1. #1
    Elite Member ariesallover's Avatar
    Join Date
    Mar 2007
    Location
    here, soon to be over there
    Posts
    2,641

    Default How do you assign value to old clothing?

    I didn't know where else to put this thread.

    I mentioned elsewhere that I plan to donate my dad's clothing to the Goodwill. They will give me a receipt for tax purposes that I will complete myself with the value of the clothing.

    Dad's stuff is top notch and in wonderful condition. But how do I know whether an old suit is worth $30 or $300?

    Does anyone know of a site that provides guidance? I called my local GW and the national one. No one at either place could help me out with these questions.

    I don't want to put down numbers that will have the IRS asking me questions, but I also want the full deduction that my mom's entitled to.

    Thanks.
    "I ransacked his drawers when he left me by myself at his place for the first time. That's how we did it in the good old days. Tells me all I need to know about him. He pretends he didn't notice. That's how good relationships start." - Chilly Willy

  2. #2
    Super Moderator twitchy2.0's Avatar
    Join Date
    Aug 2008
    Location
    Milliways
    Posts
    53,910

    Default

    Value Guide for Donated Items

    ----------------------------
    How to value donations to thrift shops

    Wondering how much you can deduct on your taxes for that bag of clothes you gave to charity? Jean Chatzky has guidelines

    By Jean Chatzky
    "Today" financial editor
    updated 3:15 a.m. ET, Mon., July. 19, 2004

    Q: At the end of every season I stuff a bag with clothes for my local thrift shop. I get a receipt for my taxes, but my husband always says I undervalue my donation. I disagree. Is there a better way to estimate the value of my donations?

    A: You're among about 20 million Americans a year who make material donations to Goodwill or the Salvation Army or another thrift-shop organization, getting a receipt in return. It'd be great if that receipt listed the value of your donation, but as you know, most major charities don't do that. It's up to you to figure that out.

    According to the IRS, you can deduct the "fair market value" — the price a buyer would be willing to pay for them — of the clothing, household items, used furniture, books, etc. that you give away. The IRS suggests you shop thrift stores or classified ads or auction sites like eBay to fashion a good guess. The Salvation Army Web site has a basic donation-valuation guide that's helpful.

    But value also depends upon the condition of your items. A piece of clothing in good condition means it has no noticeable wear or tear. Fair condition means it looks slightly worn. And poor condition means it looks well-worn.

    Brand also matters. Designer clothing that costs more in the stores is worth more as a deduction — so long as there's a label. A Calvin Klein suit worth a $260 deduction in good condition is worth $69 without the label.

    If the merchandise you've donated is worth less than $500, you simply list the amount on your 1040's Schedule A. If you report donations worth more than $500, you have to fill out IRS form 8283. On this, you have to identify and value the items — noting when you bought them, approximately, and how much you paid for them, also approximately. For any item worth more than $250, you need a receipt from the charity. And for any single item worth more than $5000, it's necessary to get an independent appraisal.

    I applaud you for making these donations; you get the tax deduction and these agencies that help the needy are able to profit from your generosity.
    How to value donations to thrift shops - Today Technology & Money - MSNBC.com

    Don't know if this helps.

    "The greatest enemy of knowledge is not ignorance, it is the illusion of knowledge."

    -- Stephen Hawking

  3. #3
    Elite Member ariesallover's Avatar
    Join Date
    Mar 2007
    Location
    here, soon to be over there
    Posts
    2,641

    Default

    Come to GR, get an answer in less than a minute.

    You rock, Twitchy. Thanks.
    "I ransacked his drawers when he left me by myself at his place for the first time. That's how we did it in the good old days. Tells me all I need to know about him. He pretends he didn't notice. That's how good relationships start." - Chilly Willy

  4. #4
    Super Moderator twitchy2.0's Avatar
    Join Date
    Aug 2008
    Location
    Milliways
    Posts
    53,910

    Default

    "There is no exact IRS formula or chart as the agency relies on subjective approximations. However, if you wish to donate more than a total of $500 worth of clothing or other goods to charities, you must complete Section A of Form 8283 Non Cash Charitable Contributions, and include it with your federal tax return."
    More info here: ยป How To Value Your Clothing Donations and Get A Tax Deduction


    Goodwill has a list too.
    Goodwill S.E. WI - Goodwill Stores and Donation Centers - Donation Value Guide

    Good luck there Aries.

    "The greatest enemy of knowledge is not ignorance, it is the illusion of knowledge."

    -- Stephen Hawking

  5. #5
    Elite Member McJag's Avatar
    Join Date
    Feb 2007
    Location
    Texas
    Posts
    42,527

    Default

    That is great,Twitchy!
    I didn't start out to collect diamonds, but somehow they just kept piling up.-Mae West

  6. #6
    Elite Member Just Kill Me's Avatar
    Join Date
    Mar 2007
    Location
    sucking on a blow pop and playing with electrodes
    Posts
    15,550

    Default

    If some of it is really nice label stuff you may want to look into consignment and making a donation with the funds.
    KILLING ME WON'T BRING BACK YOUR GOD DAMNED HONEY!!!!!!!!!!

    Come on, let's have lots of drinks.

    Fuck you all, I'm going viral.

  7. #7
    Elite Member ariesallover's Avatar
    Join Date
    Mar 2007
    Location
    here, soon to be over there
    Posts
    2,641

    Default

    ^Good call. Thank you to everyone getting me through this.

    I just packed 4 full garage bags of stuff that is gently worn and from Sears or JC Penney.

    The more I resolve of his life, the better I feel. He was an older parent who already had a GI cancer when I was born, so we talked frequently about death and how to be ok. It's paying off.
    "I ransacked his drawers when he left me by myself at his place for the first time. That's how we did it in the good old days. Tells me all I need to know about him. He pretends he didn't notice. That's how good relationships start." - Chilly Willy

  8. #8
    Elite Member louiswinthorpe111's Avatar
    Join Date
    Oct 2005
    Location
    Middle America
    Posts
    11,565

    Default

    If you are going to make it tax deductible, itemize what you are taking. 5 suits, 5 jeans, 2 sports coats, etc. Then I assign a value to each of those items and multiply it out. The value may come to more than $500.

  9. #9
    Elite Member ariesallover's Avatar
    Join Date
    Mar 2007
    Location
    here, soon to be over there
    Posts
    2,641

    Default

    ^Thanks.
    "I ransacked his drawers when he left me by myself at his place for the first time. That's how we did it in the good old days. Tells me all I need to know about him. He pretends he didn't notice. That's how good relationships start." - Chilly Willy

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Similar Threads

  1. Kim Kardashian - BONGO clothing
    By AuGusT in forum Magazines and Photoshoots
    Replies: 8
    Last Post: February 14th, 2008, 09:26 AM
  2. Madonna's H&M clothing line
    By Honey in forum Famous Style
    Replies: 19
    Last Post: June 28th, 2007, 05:00 PM
  3. The lamb dressed in panda's clothing
    By TheMoog in forum Pets and Animals
    Replies: 5
    Last Post: June 11th, 2007, 02:57 AM
  4. JLO Clothing Line is Struggling
    By Calimaster in forum Gossip Archive
    Replies: 6
    Last Post: September 9th, 2006, 11:24 PM
  5. US Clothing Sizes
    By Tenaj in forum Fashion
    Replies: 10
    Last Post: August 27th, 2006, 09:29 AM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •