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Value of Donated Yarn?

My wife was very into crocheting until medical issues made it impossible. I want to donate all her yarn and hooks, but do not know the value. How much is reasonable?

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December 28, 20200 found this helpful

I'm sorry that your wife had to give up on her love of crocheting but it's nice that you wish to donate it so someone else can enjoy using her supply.
Since we have no idea of the amount of yarn etc. that you have it would be difficult to provide a value.
I do remember when working in a Hospice thrift store years ago a small/medium box or Rubbermaid container of items like this was usually valued at about $50 but I believe this has increased in value since then (the container would not be 'stuffed' - just loosely packed).
Some of the church and charity stores will have someone to help you evaluate what you take to them but most want a sheet with 'loosely' itemized lists of the contents.

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They will then either stamp the sheet and sign/date it or they will give you a letter with their letterhead showing the donation information.

Here is a link to information from IRS.
www.thebalance.com/donation-value-guide-4172778

In past years families had to itemize expenses on their income taxes to be able to receive credit for their donations so it was usually a waste of time to ask for a letter because so many people no longer itemize (either renting or no mortgage to claim on tax return).
However; this year will be different as everyone will be able to claim up to $300 of charitable donations on their tax return.
just be sure to follow IRS rules:

www.irs.gov/.../special-300-tax-deduction-helps-most...

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December 28, 20200 found this helpful

If you plan to use this donation on your tax return be sure to check IRS rules about which what types of stores they will accept as non-profit as there are a lot of small thrift stores that may not be eligible if they have not filed all necessary forms that IRS requires.

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December 28, 20200 found this helpful

I would look on eBay or shopgoodwill.com to see the value of similar items.

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December 28, 20200 found this helpful

So sorry to hear that your wife can no longer crochet. That is my therapy so my heart hurts for her.

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Yarn can be very expensive so be sure to know the true retail value when adding it all up. Needles can also be expensive if she has wood ones. Metal ones are much less expensive. Michaels or Joann Fabric can give you retail values to help average what she has.

This site has a slider bar that helps you figure fair market value (per the IRS site):

goodwillnne.org/.../

Before you donate to a big box store like Goodwill, I encourage you to see if your local churches or other religious groups have a need for these supplies as many are shoestring budgets and really do good work. There are also free stores in some cities that have the tax receipts for the donors and do amazing work in their towns.

Prayers that your wife can find a new hobby that is rewarding as crochet without the pain.

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