Donating Clothes to Goodwill - TAX WRITE OFF!

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 03-14-2009, 12:28 AM         #1
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JediKnight'sSon 
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Donating Clothes to Goodwill - TAX WRITE OFF!
 

 
I had a meeting with my accountant today, and he told me I can write off hundreds of dollars on my taxes if I donate some old clothes to Goodwill. (They dont gotta be name-brand necessarily)

I don't have any extra clothes layin around, so what I plan to do is hit up some Garage/Yard sales this week and try to buy some clothes in bulk...it should be pretty easy since it's a Recession, and n*ggas are desperate for money.

24 comments for "Donating Clothes to Goodwill - TAX WRITE OFF!"

 9 years ago '04        #2
KidYungn 280 heat pts280
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do they give you a receipt or something to show u did it?
 03-14-2009, 11:22 AM         #3
thekidcuba  OP
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 KidYungn said:
do they give you a receipt or something to show u did it?
Yeah. You fill in what you think its worth.
 9 years ago '04        #4
hockeythug 66 heat pts66
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Goodwill is the bomb for both donating and buying. So much good stuff their.
 9 years ago '06        #5
01seay 83 heat pts83
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Yea, a few years back my mom got like and extra $3000+ from all my grandmothers coats from the 70s and stuff:dancingcool:
 9 years ago '09        #6
Baynut 5 heat pts
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Wow, I had no idea. Props given, thanks for the info!
 03-14-2009, 10:27 PM         #7
JediKnight'sSon  OP
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I think you get extra $$$ if you got a Corp or LLC...
 9 years ago '06        #8
HYPHY_50 1 heat pts
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Anything you donate to the goodwill is a tax write off. When your doing your taxes you give an estimate of the value of what was donated and you get a percentage of that back.
 9 years ago '04        #9
coofoo 
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Before you do anything, understand that donations to something like Goodwill fall under the category of Itemized Deductions. You are able to deduct the larger of either your Itemized Deductions or the Standard Deduction (which is $5,450 if you're single in 2008) from your taxable income. If your Itemized Deductions don't exceed $5,450, then you can't claim them so think about it before you spend your money at those yard sales.
 9 years ago '06        #10
Jersey826 5 heat pts
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What always had me confused about donating clothes to Good Will and then claiming it as a tax write off is the part where you fill in what you think it's worth. How the f**k am I to know what a 7 year old pair of levis are worth?

I could say they're worth 400 dollars. Shouldn't the ppl at Goodwill be filling out the receipt?
 9 years ago '04        #11
ruff 6 heat pts
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Well, imagine filling out "$400 GOODWILL DONATION; 1 PAIR OF JEANS" on your next tax return and see what happens.
 9 years ago '04        #12
DJ Maximum|M 48 heat pts48
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 ruff said:
Well, imagine filling out "$400 GOODWILL DONATION; 1 PAIR OF JEANS" on your next tax return and see what happens.
i know lol

irs looks @ that yeah u can write off a few hundred bucks with 2 garbage bags of clothes thats it the limit is 300 without proof anything over ur required to send in a signed proof from goodwill
 9 years ago '04        #13
ddash 1 heat pts
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What happen to donating for the good of it?
 9 years ago '04        #14
KnightOfTears 14 heat pts14
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Yo, just so you people know you can only write off up to $300 for Goodwill donations per year. You can't donate a s**tload of stuff and expect to get what it's worth back. They give you a receipt that states what you donated.
 9 years ago '04        #15
smurfdoran 25 heat pts25
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what about Salvation Army? i donate to them alot.
 9 years ago '05        #16
youngvito18 8 heat pts
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 ruff said:
Well, imagine filling out "$400 GOODWILL DONATION; 1 PAIR OF JEANS" on your next tax return and see what happens.
IRS will chin check you something serious
 9 years ago '05        #17
youngvito18 8 heat pts
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 ddash said:
What happen to donating for the good of it?
well....if you did it for the good you would hand over the clothes to bums on the street.......i mean salvation army and goodwill are still businesses.....they are making money off the free s**t you give them

so even if they sell some jeans for 10 they got it for free.......they make money
 9 years ago '06        #18
Jersey826 5 heat pts
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 ruff said:
Well, imagine filling out "$400 GOODWILL DONATION; 1 PAIR OF JEANS" on your next tax return and see what happens.


It's still so iffy to me though. Like still what am I to put for a striped polo my parents bought for me 8 years ago at JCPenny? $5 or $10? $8 maybe? Does the gov't make s**t like this so vague so that it confuses ppl and they just don't end up doin it? That's what it seems like.

I still think the ppl at Goodwill should be required to fill out the receipt as they would have a better knowledge of what your stuff is worth, because they're the ones selling it.
 04-16-2009, 09:50 AM         #19
Bcrdio  OP
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A good accountant will automatically throw in $500 of non cash donations as a deduction on your return. I do it for all my clients. This is a.ssuming you use itemized deductions and not the standard deduction. Cash donations do require a receipt. But in this case you should be fine.
 8 years ago '08        #20
supervillain 244 heat pts244
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just donated a tote full of jeans, shirts and some timbs and they gave me a card/receipt...but it was blank..i didnt notice it was blank until i pulled off. So are you saying that i can throw $500 of non cash donations as a deduction on my return and if the irs audits me i can just fill in the blanks with $500 worth of info?
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