Donating Clothes to Goodwill - TAX WRITE OFF!

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 8 years ago '05        #21
NomiS 2 heat pts
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there always blank.. there will no big difference honestly
 8 years ago '09        #22
Gonzilla 1 heat pts
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Hold up, I've never donated anything to Goodwill.



What's the process for this donate & tax write off stuff?

1. Donate Goodwill some stuff.

2. They give you a 'receipt' that has the items you gave (or apparently blank?).

3. On that 'receipt', you write what you think the donation is worth?

4. When doing your taxes, you write that same amount in the appropriate question?

5. You get a percentage of that amount, back.


Simplified, is that about right?
 8 years ago '07        #23
Bullseye 59 heat pts59
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 JediKnight'sSon said:
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.
Slow down.

Figure out how much clothes you have to donate and how much tax gets written off from it. From what I remember, you have to donate loads of clothes and it still isn't even much of a tax write-off. I don't think it'll be even worth if if you have to pay for the clothes. You'd better check with them on the amount you'd have to donate in order for it to even be considered for a write-off and how much of a write-off it is in the end.
 01-15-2010, 09:52 AM         #24
Penny Hard A Wa  OP
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 coofoo said:
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.
Great info, a lot of people don't know this.
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