Valuing Charitable Contributions

When you contribute wearable clothing, useable household furnishings, small appliances in working order, sporting goods, and generally just about anything a CHARITABLE organization can sell in their “Resale Thrift” stores, you can deduct the “Thrift” store sales price as a noncash charitable contribution.

We usually hand out a list of suggested values provided in one of our tax reference manuals but now Goodwill of Southeastern Wisconsin has provided an excellent list of their average prices in their stores for a number of items.

http://www.goodwillsew.com/page.asp?dbID=295

If the value of your noncash donations exceeds $500 in a calendar year, you will want to print out this list FOR EACH DATE of your noncash contributions, and multiply out the number of items donated by their respective thrift store price.  That information will be needed, along with a dated receipt from the CHARITABLE organization to whom donated, in order to complete the Form 8283 on your individual income tax return.