Wednesday, August 18, 2010

How do I determine value on my charitable donations for taxes?

I am suppose to list the original price paid for these items and then I am suppose to give the value of it. How should I go about doing this for my taxes?How do I determine value on my charitable donations for taxes?
The value is what the charity can get for it. Generally, if you are talking about donating clothing, consider that the thrift value of clothing can be anywhere from 1/4 to 1/5 the price that you paid for it, assuming that the clothing is in good, saleable condition (no rips, no holes). I've always used 1/4 of the original purchase price in the past and it has never been questioned.





Of course, if you are donating a designer original that cost you $10,000, the thrift value isn't going to be $2,500. Also, electronics do not hold their value well at all (i.e. computers) so you need to consider that when coming up with a value for it.How do I determine value on my charitable donations for taxes?
thrift shop value is typically used
Hardly ';charitable'; if you are seeking to gain from it...

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