Gifts to charity values


T

tobe

I recently saw an ad on TV for some tax software package which includes
a checklist which is supposed to help determine the value of your gifts
to charity for deduction on Schedule A. I seem to remember $14 for a
pair of pants! This seems way too high to me, as I believe one can
purchase a used pair of pants in reasonable shape at, say, Goodwill, for
considerably less than that. If that pants value of $14 were acceptable
to the IRS, my charitable deductions dollar amount might increase
fivefold or more!

Is there any list of 'standard' values one can refer to and use for
gifts to charities of clothes and other common household items?
 
A

Alan

tobe said:
I recently saw an ad on TV for some tax software package which includes
a checklist which is supposed to help determine the value of your gifts
to charity for deduction on Schedule A. I seem to remember $14 for a
pair of pants! This seems way too high to me, as I believe one can
purchase a used pair of pants in reasonable shape at, say, Goodwill, for
considerably less than that. If that pants value of $14 were acceptable
to the IRS, my charitable deductions dollar amount might increase
fivefold or more!

Is there any list of 'standard' values one can refer to and use for
gifts to charities of clothes and other common household items?
There are lots of lists and I believe that TurboTax is using the
one sourced from the Salvation Army.
http://www.salvationarmyusa.org/usn/www_usn.nsf/vw-search/85256DDC007274DF80256B80003D22FC?opendocument
or
http://www.salvationarmysouth.org/valueguide.htm

If you check both sites, you will find different values for the
same item. There's the rub. How many different men's jackets do
you think there are?

The best way to value what you gift to a thrift shop is to just
pay a visit to the thrift shop(s) in your area with pencil and
paper and make a note of the selling prices for the type of goods
and quality of goods you donated.
 

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