• Goodwill Valuation Guide Donations

Goodwill Valuation Guide Donations

JGI/Jamie Grill/Getty Images Giving away your stuff that no longer brings you joy may instead bring happiness to others who could use them. An added bonus: You get a tax deduction for your charitable donations if you itemize deductions. However, it’s your job to keep track of the items you give to charity so you can report their value to the Internal Revenue Service. 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. Isuzu rodeo manual transmission. 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.