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Holiday Tax Tip: Find the Value of the Items You Donate

Holiday Tax Tip:  Find the Value of the Items You Donate

 

donatingThis time of year, there is quite often more "stuff" coming into the home than going out.  I have come to realize, however, that the "stuff" is easier to manage if I try to take some of it out on a regular basis.  So, as I've gone about my holiday shopping, I have also gathered items from my closets that are no longer used and in good condition, so that I can donate them to people who may be able to use them.

Taking a few minutes to do this during the holidays is also a great opportunity for year-end tax deductions. 

Yesterday, I donated three suits to the non-profit Dress for Success.  This organization accepts donations of clean, professional outfits for women who are in need of a career wardrobe.  The administrator at the donation site gave me a receipt, which included a suggestion to use the Salvation Army web site to determine the value of my donated items for tax deduction purposes.

At the Salvation Army web site, I discovered that the suits that I donated could be valued between $6 and $25 per suit.  I also donated a pocketbook, which could be valued between $2 and $20.  So my total contribution was valued between $8 and $45.  Well worth having those numbers when tax time comes around in a couple of months.

Next is a bag of boy's clothing, which I will take directly to the Salvation Army.  It has taken a little time to get organized, but I am finding that taking one bag out before bringing another bag in has many rewards:  We get to experience the joy of giving, our home is less cluttered, and we receive a small tax deduction. 

 

If you live in the Sturbridge area, here are several places that will happily accept your donations:

Dress for Success:  donation site at Bay Bath College on Route 20 in Charlton
Salvation Army:  donation site and thrift store on Route 9 in Spencer
Southbridge Food Share:  79 Elm Street in Southbridge
Toys for Tots:  donation site at Massachusetts State Police, 315 Charlton Road (Route 20) in Sturbridge
Tri-Community YMCA:  regularly accepts food donations, 43 Everett Street in Southbridge

 

Happy Giving, and Happy Holidays


Written by Kathryn Acciari, REALTOR(R)
RE/MAX Professional Associates - Sturbridge

Putting Today's Technology Tools to Work for You

 

Text and photos copyright Kathryn J. Acciari unless otherwise noted. 
All rights reserved.

 

 

 

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Kathryn Acciari, Brand Ambassador

Century 21 Real Estate LLC
175 Park Avenue
Madison NJ 07940

Serving Brokers, Owners, and Agents Throughout New England

Cell: (508) 982-0686   
Email:
kasellshomes@gmail.com

Blog: Real Estate Blog
Twitter: @kacciari

Comment balloon 6 commentsKathryn Acciari • December 08 2011 07:40AM

Comments

Kathryn, good advice on how to help others and if we all have things we dont use, it's a win win.

Posted by Ellen Dittman, #1 Stop for NE FLA-JAX/OP 904.535.1199 (TEXT OK) r (Watson Realty Corp.) almost 8 years ago

Multi-tasking in a great new way......................chris

Posted by Christopher Pataki, Hockessin Delaware Real Estate (Keller Williams Realty) almost 8 years ago

Hi Kathryn - Donating clothes is such a huge help to those who have none.

Posted by Conrad Allen, Webster, Ma, Realtor (Re/Max Professional Associates) almost 8 years ago

Good morning, Kathryn.....I just donated three huge bags of winter clothes to Big Brothers/Big Sisters.....I do that twice a year.....

Posted by Barbara Todaro, Marketing Agent for The Todaro Team (RE/MAX Executive Realty ) almost 8 years ago

Exactly! Why throw out your things when you can give them to someone who needs them AND get a tax break?  win-win situation.  Thanks for the tips!

Posted by David Artigliere, ARTI Home Inspections, ASHI Certified Home Inspect (Reading, Pottstown, Norristown, Philadelphia) almost 8 years ago

Great tips for getting tax time values on our donations to worthy causes and a nice Localism post for where to take those donations.

Posted by Lee & Carol Barbour, REALTORS, Mountain Living Team in Murphy NC and North GA (Murphy and Hayesville, NC; Hiawassee, Blairsville, Blue Ridge GA and Copperhill TN) almost 8 years ago

Participate