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February 22, 2009As you clean out your closet or reorganize your household, be sure to keep track of the items you give to charity. It is your job, not the charity’s, to report the value of the donation to the Internal Revenue Service.
Tax law now requires that all household items given to a charity must be in good or better condition. Those questionable items you donated in previous years and claimed were worth a few dollars because they were in fair condition are no longer acceptable.
Be sure to get a receipt from the charity of your donated goods, again for your personal records. The nonprofit will not put a dollar value on this receipt, however the IRS now requires receipts or a written acknowledgment of your gift from the qualified charitable organization.
Several computer software programs are available to help you figure the tax value of your goodwill. However, you may 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. The following list will give you an idea of what your donated clothing and household goods are worth. It indicates fair market value for some common items from the Salvation Army’s valuation guide.
You do not 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 17 of your Schedule A.
If the total of all your contributed property comes to more than $500, you have to file IRS Form 8283 with your tax return.
| Men’s clothing | Average price per item low and high |
|
| Shirt | $2.50 | $12.00 |
| Slacks | $5.00 | $12.00 |
| Sweater | $2.50 | $12.00 |
| Overcoat | $15.00 | $60.00 |
| Belt or necktie | $3.00 | $8.00 |
| Suit | $15.00 | $60.00 |
| Jacket | $7.50 | $25.00 |
| Shoes | $3.50 | $25.00 |
| Women’s clothing | Average price per item low and high |
|
| Blouse | $2.50 | $12.00 |
| Slacks | $3.50 | $12.00 |
| Sweater | $2.50 | $12.00 |
| Overcoat | $15.00 | $60.00 |
| Belt or necktie | $3.00 | $8.00 |
| Suit | $15.00 | $60.00 |
| Jacket | $7.50 | $25.00 |
| Shoes | $3.50 | $25.00 |
| Children’s clothing | Average price per item low and high |
|
| Blouse | $2.00 | $8.00 |
| Shirt | $2.00 | $6.00 |
| Dress | $3.50 | $12.00 |
| Slacks | $2.00 | $8.00 |
| Jeans | $3.50 | $12.00 |
| Coat | $4.50 | $20.00 |
| Sweater | $2.50 | $8.00 |
| Shoes | $2.50 | $8.75 |
| Household goods | Average price per item low and high |
|
| Towels | $0.50 | $4.00 |
| Sheets and pillows | $2.00 | $8.00 |
| Blanket | $2.50 | $8.00 |
| Bicycle | $15.00 | $65.00 |
| Floor lamp | $7.50 | $40.00 |
| Sofa | $35.00 | $200.00 |
| Throw rug | $1.50 | $12.00 |
| Color TV | $75.00 | $225.00 |
| Kitchen set | $35.00 | $170.00 |
| Bedroom set | $50.00 | $170.00 |
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[...] time approaches, and ReAnn has some tips to help you figure out charitable donations and [...]