How to Value Your Clothing Donations and Get A Tax Return

If you plan on making clothing donations this year, you will want to keep track of those donations so you can take advantage of the tax deductions. To make the most of donating clothes to charity, you'll want to download a clothing valuation guide and keep good records of your donations throughout the year.

Where to Donate Clothing
You can donate clothing to any religious, secular and government-sponsored clothing charities. Donating to Goodwill is easy and simple, since most cities have a Goodwill store with a round-the-clock donation receptacle outside. Some organizations such as VA Vets and the Kidney Foundation will pick up donations from your curbside. Go online and search for "clothing donations" to find a donation center near you.

How to Value Clothing Donations
You will need to get a receipt for your donation. Write on the receipt exactly what you donated, such as three pairs of women's pants, all in good condition, five pairs of children's shoes, two in good condition and three in excellent condition. Next, you'll need to download the Salvation Army's valuation guide (this is the same guide accepted by the IRS) and estimate the value of each item donated, writing down the item, the condition of the item and the estimated value according to the Salvation Army guide. Add these numbers up for each receipt from charitable organizations throughout the year. Make sure you get a signature on the receipt for any donations valued over $250.

How to Account for Donations on Tax Forms
When you file your taxes, you will need to file an IRS Form 8283, itemizing your deductions. Make sure all your donations are recorded appropriately on the form. Keep copies of your receipts, the valuation guide used and the details of your donations in case you get audited.

Similar Questions on Ask.com
Related Life123 Articles

New tax rules for charity donations require more record-keeping on your part. You'll want to get receipts and descriptions of your donations, and you'll need a qualified appraisal to deduct donations of items worth more than $500.

If you're looking for tax write offs, car donations are good candidates. Make sure you follow these tax rules for automobile donations so you won't lose out on this excellent opportunity.

Frequently Asked Questions on Ask.com
More Related Life123 Articles

When using a donation value guide to figure out values of tax-deductible donations, you'll want to stick to the conservative estimates. However, you don't want to lose out on tax benefits. Try following these tips to find the right balance.

Every year I hope and expect to get a large tax refund when March comes around. We usually use our refund for a much-needed home improvement or a fun, family vacation. I do my best all year to keep track of paperwork, receipts, medical premiums and bills, and of course, my charitable donations.

Perhaps you have an unsightly old car taking up precious space in your driveway. Its rusty and you can't count on it to get your from here to there anymore. You've moved on and are driving a new vehicle.

© 2014 Life123, Inc. All rights reserved. An IAC Company