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You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Giving away belongings you no longer want or need can bring happiness to others who could use them. An added bonus: You get a tax break for your charitable gifts if you donate to a qualifying organization and itemize your deductions. However, it’s your job to keep track of the items you give to charity so you can report their value to the IRS. donated clothing and other household goods must be “in good used condition or better.” If you claim a deduction of $500 or more for a used item that’s not in good condition, the IRS says you’d better get an appraisal. Several computer software programs are available to help you figure the tax value of your donated stuff. The list of some common items, below, gives you an idea of what your donated clothing and household goods are worth, as suggested in the . Men s clothing worksheet
Item(s) Average price per item (low) Average price per item (high) Jacket $8 $26 Overcoat $16 $62 Pajamas $2 $8 Raincoat $5 $21 Shirt $3 $12 Shoes $4 $26 Shorts $4 $10 Slacks $5 $12 Suit $16 $62 Sweater $3 $12 Swim Trunks $3 $8 Tuxedo $10 $62 Undershirt $1 $3 Undershorts $1 $3 Women s clothing worksheet
Item(s) Average price per item (low) Average price per item (high) Bathing Suit $4 $12 Blouse $3 $12 Boots $2 $5 Bra $1 $3 Coat $10 $41 Dress $4 $20 Handbag $2 $21 Hat $1 $8 Jacket $4 $12 Nightgown $4 $12 Pants Suit $7 $26 Shoes $2 $26 Skirt $3 $8 Slacks $4 $12 Slip $1 $6 Socks $1 $1 Suit $6 $26 Sweater $4 $16 Children s clothing worksheet
Item(s) Average price per item (low) Average price per item (high) Blouse $2 $8 Boots $3 $21 Coat $5 $21 Dress $4 $12 Jacket $3 $26 Jeans $4 $12 Pants $3 $12 Shirt $2 $6 Shoes $3 $9 Skirt $2 $6 Slacks $2 $8 Snowsuit $4 $20 Socks $0.50 $2 Sweater $3 $8 Underwear $1 $4 Household goods worksheet
Item(s) Average price per item (low) Average price per item (high) Bakeware $1 $3 Bedspread/Quilt $3 $25 Blanket $3 $16 Chair/Sofa Cover $16 $36 Coffeemaker $4 $16 Curtains $2 $12 Drapes $7 $41 Fireplace Set $21 $83 Floor Lamp $6 $52 Glass/Cup $0.50 $2 Griddle $4 $12 Kitchen Utensils $0.50 $2 Lamp $5 $78 Mixer/Blender $5 $21 Picture/Painting $5 $207 Pillow $2 $8 Plate $0.50 $3 Pot/Pan $1 $3 Sheets $2 $8 Throw Rug $2 $12 Towel $1 $4 How to deduct your donated goods
You don’t have to send in a list of donated items with your tax return. Just keep the information with your personal tax records and put the total contribution amount on your Schedule A, Itemized Deductions (or your computer software will do it for you). Be sure to get a receipt from the charity when you donate your goods — again, for your personal records. The nonprofit won’t put a dollar value on the receipt, but the paperwork will help you prove that you did, indeed, donate the property if the IRS asks. If you make a single non-cash gift worth between $250 and $500 (if, for example, you donate a vehicle), you’re required to have a receipt or a written acknowledgment of your gift from a qualified charitable organization. If the total of all your contributed property comes to more than $500, you have to file with your tax return. SHARE: Kay Bell Lance Davis is the Vice President of Content for Bankrate. Lance leads a team responsible for creating educational content that guides people through the pivotal steps in their financial journey. Related Articles