Tuesday, May 21, 2024

Cleaning out closets for year end giving?

One of the most common questions I am asked on the topic of charitable giving relates to valuing the household items & clothing donated to worthy organizations  such as Salvation Army, Habitat for Humanity, Goodwill, etc. It is the donor’s responsibility to obtain or determine the value of the donation per IRS rules.  For donations of used clothing & household items, there are many organizations that provide online valuation guides. Here are just a few of the links used by the folks I know:

1.  The Salvation Army:  http://salvationarmysouth.org/valueguide.htm/ 

2.  Bank Rate:  http://www.bankrate.com/finance/money-guides/tax-valuation-guide-for-donated-goods.aspx 

3.  Goodwill Industries:  http://www.goodwill.org/wp-content/uploads/2010/12/Donation_Valuation_Guide.pdf 

There are many other options on the web.  I suggest choosing a guide that is clear and easy for you to follow and use.  



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