Gifts to charity values

Discussion in 'Tax' started by tobe, Jan 26, 2008.

  1. tobe

    tobe Guest

    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?
    tobe, Jan 26, 2008
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  2. tobe

    Alan Guest

    There are lots of lists and I believe that TurboTax is using the
    one sourced from the Salvation Army.

    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.
    Alan, Jan 26, 2008
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