Donating items to thrift stores

[Suzanne in ABQ]

For years, I've donated items to thrift stores, always saying, "No, thanks" when offered a receipt. Well, I've decided that maybe it would be worthwhile to keep these receipts. I make donations several times a month, and it probably adds up to something worthwhile.

 

How do I determine the value of the items I donate. Do I try to guess how much they'll sell them for? Do I use the value I could sell them for? Do I use their replacement value? Surely not their original value. :001_unsure:

 

Or, should I determine it's not worth my time, and simply reply, "No, thanks" when offered a receipt?

 

What do you all do?

[Barb_]

For years, I've donated items to thrift stores, always saying, "No, thanks" when offered a receipt. Well, I've decided that maybe it would be worthwhile to keep these receipts. I make donations several times a month, and it probably adds up to something worthwhile.

 

How do I determine the value of the items I donate. Do I try to guess how much they'll sell them for? Do I use the value I could sell them for? Do I use their replacement value? Surely not their original value. :001_unsure:

 

Or, should I determine it's not worth my time, and simply reply, "No, thanks" when offered a receipt?

 

What do you all do?

 

I say 'No Thanks'. I feel a little cheesy taking a receipt for a donation, but I'm quick to admit it's *my* personal hangup. Dh takes the receipt, but he's a hospital CFO and always has his eye on the tax deduction. You have to do what your gut tells you.

 

Barb

[Laurie]

For pricing information he's used the on-line guide at the Salvation Army website (use "Valuation Guide" in their search box). Turbo Tax software also has some of this information.

 

If you take a large number of items at one time that would be valued at $250 or more, you have to be sure that the receipt contains the right language in order to use it for a tax deduction. It has to say something to the effect that no goods or services were provided in exchange for the items donated.

 

I'm assuming that you're itemizing deductions rather than taking the standard deduction. If you're taking the standard deduction anyway it really doesn't matter whether you have a receipt.

[sassenach]

I take the receipt. I guestimate based on what I think they can sell them for. I try not to overvalue our donations.

[Amy in Orlando]

I used to be bothered by taking the receipt. But for the past five years, I've been taking the receipt and using Turbo Tax' Intuit program to value items. It's made a difference (not huge) for our income taxes.

[Bassoonaroo]

We take the receipt. And since we're sort of a cheesy family, I don't feel any cheesier than usual.

 

Anwyay, since we get a lot of our books, clothes, shoes, and such from the thrift store (I told you we were cheesy), I just try to imagine what price would be on the item.

 

And the receipt that the store gives us has a rough guide (such as "books: 0.25 to 4.00") printed on it, so if I am donating something I don't purchase there, I can come up with a price in that range.

 

Works for us.

[chai]

I keep the receipt. My feeling is that every little bit helps reduce our taxes! If the gov't offers the deduction, why not take it?

 

I'm usually too lazy to look at programs for pricing, though. I use garage/yard sale prices--usually about 10% of the purchase price. I keep it conservative.

[Sharon in SC]

I take the receipt, usually, because of the *volume* of items we've donated in the last year while purging/moving. I've found the easiest system for me is to simply number your items and claim $1 for that number (50 items=$50 dollars). Granted *some* things would not be valued that high but so many other things would be valued at much higher so it works out. Chances are great I'm not claiming as much as I could by doing it this way but the time saved in trying to itemize this much stuff is worth it to me.

[Mommieeeee]

I take the receipt. At tax time, I get a program called "Its Deductible" with my Tax Cut software. When it is time to recollect what I have donated, I go through the average outfits that my children have outgrown. It seems as if we get rid of about 7 pairs of jeans each, 7 t-shirts, 3 pairs of shoes, etc. For each piece, it asks you the condition and it has a fair market value. The software does all the tallying and it rather simple.

 

The software costs about $15, but I think it gives me back about $250 each year as we donate things about once a month.

[Barb_]

We take the receipt. And since we're sort of a cheesy family, I don't feel any cheesier than usual.

 

Anwyay, since we get a lot of our books, clothes, shoes, and such from the thrift store (I told you we were cheesy), I just try to imagine what price would be on the item.

 

And the receipt that the store gives us has a rough guide (such as "books: 0.25 to 4.00") printed on it, so if I am donating something I don't purchase there, I can come up with a price in that range.

 

Works for us.

 

LOL, I'm sorry if I offended with my cheesy remark. Not really 'cheesy' more like 'squeemish'? Or 'squidgy'? It was late, I'm pregnant, and the word centers in my brain were all done for the day.

 

Barb

[mcconnellboys]

Goodwill gives you a little form that helps you determine how to value your items. I don't know if other stores do that, or not.

[klmama]

You are supposed to itemize your list. We do it together most of the time, one of us typing the list and the other reading off book titles and telling if pb or hb, describing clothing with size, color, gender. Generally, we make the prices about what Goodwill charges for similar items. When we get the receipt, we just staple it to the list we printed out and file with the tax stuff. So, our non-school books and nice clothing go to Goodwill. If it's junkier clothing or if it's household stuff, we may save it for a garage sale (amazing what will sell for $.25 - it adds up!), we may donate it (with receipt) or we may Freecycle it. It just depends on the mood.

[Suzanne in ABQ]

Thanks for the ideas. I'm going to keep track this year, and see if it makes a difference.