December 27, 2014

Tax valuation guide for donated goods

 The end of the year is a good time to clear out the closets and donate to charity. Homeless shelters are in need of warm clothing, blankets, towels, shoes, boots, and, of course, cash. Kay Bell at Bankrate.com compiled the following guidelines and detailed price lists (on the link below)
"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.
Several computer software programs are available to help you figure the tax value of your goodwill. But many people 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. If that's your style, 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 as suggested in the Salvation Army's valuation guide."

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