What Is the Tax Deduction for Donated Items?
Donating used stuff to the Salvation Army, Goodwill or other charitable organization can make you feel good. It can also get you some tax deductions, which may make you feel even better. Some guidelines for evaluating donated items for tax purposes are available from the Salvation Army, although it is your sole decision, as the taxpayer, on how much to claim on your tax forms. The right price depends on the quality, age, size and condition of the goods. Does this Spark an idea?
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Appliances
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The highest appliance deduction comes from the refrigerator, which tops the chart at $250. A smaller or older refrigerator would be at the low end of the scale at $75. A TV can fetch up to $225 if it's fairly new, color, a decent size and in mint condition. The low end of the TV scale is $75. Air conditioners range from $20 to $90 and washing machines from $40 to $150. To be worth anything, the appliances have to be fully functional.
Clothing
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Women's fur coats clock in with the highest clothing deductions, ranging from $25 to $400. The highest-rated men's clothing items are tuxedos, overcoats or suits, all with a high of $60. The highest deductions for children's clothing come from boots or coats, both with a $20 high and a $3 and $4.50 low, respectively. Clothing probably has the widest range because of the vast array of styles, materials, designers and condition.
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Furniture
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A complete bedroom set is the king of the furniture deductions, raking in $1,000 if it's a quality set in great condition. Smaller or chintzier sets would fall into the lower $250 range. China cabinets can earn from $85 to $300, a sofa from $35 to $200 and a kitchen chair ranges from $2.50 to $10. The amount of the deduction depends on the materials used and the age and condition of the furniture. Items with torn cushions, missing knobs and other minor imperfections may still be donated, but they would weigh in on the low end of the scale since they need some type of repair.
Household Items
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Anyone with way too many coffee cups may be pleased to know they can earn you a deduction of up to $1.50 each. If they are chipped, chintzy or in poor shape, the deduction can dip to 50 cents each. The highest deduction for household items is for paintings, which can nab up to $200 if it's a quality piece of framed art or created by a known artist. The low end for paintings is $5. Most other household items are closer to the $5 range, with bakeware ranging from $1 to $3, sheets from $2 to $8 per set and towels from 50 cents to $4.
Other
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Up to $400 could be deducted for a quality, functioning computer system. The low end of a system is $100. Other high miscellaneous items include a copy machine, which ranges from $40 to $200; a riding mower at $100 to $300; and $150 for a good computer printer or as low as $5 for a shoddy one. Bicycles earn from $5 to $80. On the low end of the miscellaneous items are the teddy bears and other stuffed animals, which earn a deduction of 50 cents to $1.
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References
- Photo Credit Photo by Ryn Gargulinski
