I have a number of clients ask me each year how to assign a value to those thrift store donations. The Salvation Army as a valuation guide on their website. It doesn’t have everything on it, but it does have commonly donated items and has been very helpful in assigning value to my clients donations.
When donating to thrift stores, make sure you make a list of what you donated (4 pairs men’s pants, 3 pairs women’s boots, etc). Don’t just write down 3 bags of clothing. If you get audited, you are going to have a tough time getting that deduction to stick. If you are really worried, take a digital picture of the stuff you are donating. Then you have real proof.
Remember, when donating items to charity, you can only claim a deduction for the fair market value of the item. I use the thrift store value to be safe. If you are donating items that have real value (more than just a few dollars), you might want to check out ebay to see how much that item is going for. Print out a few listings and attach that to your donation receipt. This is especially important when donating items that will not be resold but will be used by a program.
As you start your spring cleaning (ya, right), see what you have around the house that could be donated to a good cause. Since monetary contributions are down, you can really help a charity by donating your stuff. The charity gets much needed income and other frugal people, like you, can get some awesome deals!
