Holiday Tax Tip: Find the Value of the Items You Donate
This 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
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Text and photos copyright Kathryn J. Acciari unless otherwise noted.
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Kathryn Acciari, Brand Ambassador
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