Donations of goods to thrift shops

socksOctober 23, 2006

When donating new merchandise to a thrift shop, how would one value the items for tax purposes? The retail amount actually paid or what it would sell for in the thrift shop? The shop's income for the item would be a guesstimate.

Thank you for reporting this comment. Undo

It is not the amount you paid retail. It's the amount it will sell for in the second hand shop.

We use ItsDeductible by Intuit. It will give you the prices and if you register the software and have any problems, they will pay the additional tax and penalties. You have to keep the documentation and photos. It's very easy for those who don't routinely shop in second hand shops. It is actually a higher price than our local stores.


    Bookmark   October 23, 2006 at 11:28PM
Thank you for reporting this comment. Undo

Ask a thriftstore employee if they have a list of the reasonable value of various items. I once saw a list posted in a thriftshop with this information clearly stated.

    Bookmark   October 24, 2006 at 8:00AM
Thank you for reporting this comment. Undo

Below is a link to Goodwill values for just about everything. Also, there are many sites in a Google search for "donation value list".


Here is a link that might be useful: Goodwill list

    Bookmark   October 24, 2006 at 8:23AM
Thank you for reporting this comment. Undo

Here's the official view-----

Here is a link that might be useful: IRS - value of donated goods

    Bookmark   October 24, 2006 at 8:40AM
Thank you for reporting this comment. Undo

Thanks all for the information.

What I have is 29 yards of brand new upholstery fabric for which I paid $6/yd., regular retail being something around $30/yd. I'm not even sure a thrift shop is the place to donate it. I could try ebay; shipping will be high, probably $60-80 (I checked at UPS).

    Bookmark   October 24, 2006 at 12:31PM
Thank you for reporting this comment. Undo

I'd list it on ebay. Somebody looking for expensive fabric is not going to bat an eye at paying $60 for shipping if they can get a bargain on the fabric. Also, I have seen folks list it as a dutch auction per yard (with up to 29 yards available) - the bidders bid at the per yard price and specify how many yards they want. That way you're not forcing one person to take all 29 yards.

I know the market for upholstery fabric on ebay is very good - I have both bought and sold some on there.

    Bookmark   October 24, 2006 at 1:54PM
Sign Up to comment
More Discussions
Do I need to give a 1099-misc to the lady who cleans for me?
For the first time ever, I began having a lady clean...
Spending Breakdown
My wife and I have tracked our spending over the last...
Garrett Financial Network
Does anyone have experience with Garrett Financial...
Any advice for a lady whose husband hides $?
I am a widow and used to doing for myself. I have a...
child tax credit, age 17 cutoff
I was just wondering if anyone knew the logic behind...
People viewed this after searching for:
© 2015 Houzz Inc. Houzz® The new way to design your home™