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How to Donate to Goodwill?

When you donate clothing to places like the Goodwill, how must can you take as a tax deduction?

  • A Dads House members raised this question, and I though it interesting. When his children come over, he keeps clothing for them to wear while at his home. What the child arrive in, they go home in. However, as children can grow like weeds, they outgrow the clothes long before the clothes show any wear, so he get new clothes and donates the old ones to the Goodwill.

  • Answer:

    Walk through a Goodwill store and compare the prices to what you would pay for similar items if you bought them new. I have found that as a generalization, 15% of the same item new is a fair percentage.

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Go AZ

First, you must qualify to itemize. If so, you can take the thrift store value.

Cathi K

Only what Goodwill can sell them for.

Quick Answers

The deduction is the amount Goodwill sells similar items for, so it's way below the purchase price, usually 10% or something like that. There's only ANY deduction if you itemize, and the tax savings is only a small % of the deduction amount.

Judy

you don''t 'have' to claim anything it is entirely voluntary to you and would be reported on sch A with the tax return if one does not use Sch A, it has no value whatsoever on his tax return

tro

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