I have some stuff to get rid of, and was going to take it to Goodwill. It occurs to me that there is no point in doing the meticulous photographing/Its Deductible logging that I usually do with a donation, as I doubt I’ll be able to take the deduction this year. I don’t own a house, so no mortgage interest – I don’t see any way I’ll get to the standard deduction and be able to itemize. Am I missing something? I might just snap a few photos and get the receipt, just in case…
That’s about right … no more need to track value of donated items for those of us who don’t meet the new threshold for itemizing.
Just take a quick photo and get the receipt in case you do need it. You can always backfill if needed.
Keep the crap until the tax law reverts to the old ways… then get a mortgage, donate, and claim it among the itemized deductions on your tax return.
(oh no no no. I am just kidding! 
)
No need to keep track. Just donate it.
Well… I will admit, this last weekend on was in a vacation spot a few hours drive away, and was sorely tempted to buy a vacation condo there to eventually retire to. And I would need furnishings… so I am looking at my donations in a new light!
I just drop it off. No receipts.
I’ve never really kept track. Occasionally I get a form. I usually keep my non-monetary part of the deduction to ballpark $200. Who has time for all that paperwork?
I only kept track one year when we donated old TV, computer, rocking chair, futon, several gowns, etc. Normally we don’t bother as it’s too much work.
I’ve always followed the rules scrupulously. Never had a personal audit from the IRS, but my business had an audit once. I’d rather be safe than sorry. So I photograph the items (in groups of whatever is being taken that day) and enter the info into Intuit’s online It’s Deductible tool, which helps sets values for a lot of things. Guess I can stop doing that, though.
I just donated a bunch of books to the library. They didn’t date the thank you letter. We usually get hit by the alternative minimum tax so it’s probably moot as to which year I put it in for. 
The Goodwill tax deduction is a scam, anyway. It’s all a lie.
You know how much Goodwill realizes for your donations, on average? Sixty cents a pound. If you donate forty pounds of stuff, say, that’s 24 bucks. Not much of a tax donation even if you itemize.
Yes, but actually it doesn’t matter what Goodwill realizes. If you use a legit method to price it (like It’s Deductible), you can get a reasonable tax break from it. I really took advantage of it the year I downsized and the year before that, too. Not now, of course.
I donated the gowns to HS, who lets the girls shop for a prom gown among donations. It’s a win/win. I found similar gowns on eBay or similar to get a price. I do document and the CPA looks everything over. We’ve never been audited — knock wood.
I volunteered for many years at our local food/clothing/home goods charity resale bank. I knew what everything we donated was actually sold for and used that value. For 2018, we will take the standard deduction and I can quit making those lists! I never wanted to claim too much, just what the charity actually took in. I’m well aware of how little most charities get from what we donate (I sorted clothing donations , I know what nasty stuff people are deducting!) Read Overdressed by Elizabeth Kline - it’s a real eye-opener.
I think tax deductibility is based on value, not what the org makes from it. Of course, value is hard to actually determine, but Goodwill making very little doesn’t mean you can’t fairly deduct a bit more. The same sweater could sell for $3 at Goodwill and $25 at Buffalo Exchange or on ebay.
I was just at a thrift store today. The prices have gone up! T-shirt type tops that were once priced at $4 are now $7. I was rather surprised.
It’s based on fair market value. That would be what someone could sell it for. Someone like, oh, say, Goodwill.
Sure, but how are you going to determine it? That is exactly what “It’s Deductible” software does.
Well you could go with sixty cents a pound.
I’m confused. That doesn’t seem to match any standard in the IRS regs on this. Do you have some problem with the methods/software I’ve been using?