Tax Receipts for Thrift Store Donations

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RE: Tax Receipts for Thrift Store Donations

Your web page is great! We recently opened a thrift store at our church we have had many discussions about how to set up a tax deduction receipt for our customers are there any templates or examples you suggest that we could use?

Post By Daryl (Guest Post)

RE: Tax Receipts for Thrift Store Donations

I love to SHOP at thrift stores as well as donate. Does anyone know if the receipts from my PURCHASES are tax deductible as well (assuming that I am buying from a thrift store benefiting a charitable organization)?

Editor's Note: I think only cash donations and the cash value of clothing and other goods that are donated are deductible, not what you buy there. I could be wrong but that's the way I've always understood it.

Post By Haley (Guest Post)

RE: Tax Receipts for Thrift Store Donations

I donated a large ticket item wooden buffet and one clothes bag. I am now being examined by the IRS and the only thing I am concerned about is I can't find our receipt. What should I do?

Post By peggy. (Guest Post)

RE: Tax Receipts for Thrift Store Donations

Where can I get a program or list of thrift shop values so I can properly value my dontations?
Thanks

Post By Kara (Guest Post)

RE: Tax Receipts for Thrift Store Donations

We always attached an itemized list of what would be a reasonable and "customary" sale price in a local
garage sale, although, as I think about it, the higher deduction price would be to make reference to the Goodwill prices, who both repair and resell most ANY item, whereas, I learned that most OTHER charities literally discard all items that are not "showroom ready", they said. This is why I always give to Goodwill since they also provide jobs for the repairers and sell at reasonable prices most of the time. God bless you. : )

Post By Lynda (Guest Post)

RE: Tax Receipts for Thrift Store Donations

I WAS AT A LOCAL THRIFT STORE ON FRIDAY, AND THE MANAGER TOLD THE LADY THAT WAS DONATING TO ITEMIZE ALL HER DONATIONS THAT SHE WOULD BRING IN ON THE COMPUTER. THEN TO DOWNLOAD THAT LIST AND THEY WOULD THEN SIGN OFF ON IT. THIS WORKS TWO WAYS, ONE IS THAT THEY SHOULD NOT JUST SAY THAT THEY HAVE RECEIVED "A BAG OF CLOTHING" AND TWO YOU WILL HAVE A COPY ON YOUR COMPUTER TO KEEP TRACK FOR YOUR TAXES. GOOD LUCK

Post by CHEAPERTHANCHEAP

RE: Tax Receipts for Thrift Store Donations

I always list out everything in my "Goodwill" bags before dropping them off at the store. Then when I get the reciept, I staple it to the list and place it in a tax folder for that year. As part of doing our taxes, I compile the worth of every item based on the lists, and store the lists with the tax records in the event of an audit. It may be a good idea to take pictures of items before donation. Also, I believe the Salvation Army website has values you can assign to donated items.

Post By Amy (Guest Post)

RE: Tax Receipts for Thrift Store Donations

The rule of thumb on donations to Goodwill and Salvation army is you give the price that it will be sold for as the deduction. So at Goodwill a pair of pants are priced at 5.99, then you can write off 5.99.

Good Luck

Post By Enter your name. (Guest Post)

RE: Tax Receipts for Thrift Store Donations

They're not allowed to put value on them. What we do, is itemize what is in the bags before we drop them off; then put a nominal value on for each item. I staple the receipt they give and the sheet where I have itemized the bags together for my records.


Like:

3 women's sweaters @ $3 each..........$9.00
3 pr. women's slacks @ $4 each.........$12.00
4 t-shirts @ $2 each..........................$8.00
6 girls' shirts @ $2 each....................$12.00
_______
$41.00

The values I use vary, depending on the type of clothes, etc.; and I probably tend to undervalue, compared to standards. I kind of go by what I would expect to get for them at a garage sale.

It is more work for us, but a good way to keep track.

Post by Jilson

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