Tax Guidelines on Goodwill Donations
When you have old or unused items in your home that you no longer want or need, you may want to consider donating them to Goodwill or another similar organization instead of throwing them away. Whereas taking these items to Goodwill requires a little more work than throwing them away, you should remember that the items you donate to Goodwill are tax deductible. You must estimate the value of the items you donate in order to report it as a deduction.
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Qualifications
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You cannot simply take all of your junky old items to Goodwill and expect to receive a tax write-off for each item you bring. Goodwill certainly accepts used items, but items need to be in good enough condition to resell. For a donated item to be considered a tax deduction, it is a good rule of thumb to consider if it is in good enough shape to give to a relative or family member. If it is, then you should feel confident in deducting the proper donated amounts from your taxes.
Clothing
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The amount of money you can deduct for donated clothing depends on the type of clothing and on for whom the clothing is made. For example, a woman's blouse could be valued between $2 and $12, whereas a men's shirt value ranges between $2 and $8. Generally speaking, the value of clothing items for children is less than the value of items for men or women.
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Computers
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Donating a computer is one way to increase the amount of money you can write off. The amount you deduct will depend on the usability of the computer. A computer monitor can be valued anywhere between $5 and $50. Printers are valued between $5 and $150. Donating a full system allows you to deduct between $50 and $250. CDs or DVDs that are playable in your computer or other devices can be deducted for a value between $2 and $5.
Furniture
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Donating a quality sofa could allow you to deduct up to $150 from your taxes. Even a standard couch in decent condition can be deducted for at least $30. Dinette sets may be deducted for between $40 and $100. High-quality desks and dressers may be worth up to $60. The value for a coffee table is likely between $10 and $12 and the value for an end table is between $4 and $20.
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References
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