How Do You Use Worksheets To Value Donated Clothing For Taxes?
Several times each year, people look in their closets, clean out unused clothing and donate that clothing to charity. In order to receive a deduction for clothing donations, you must determine the value of each item. No set formulas exist to determine these values, but using a worksheet to help calculate the value makes the process easier. Download a noncash charitable donations worksheet from the Internet (see Resources below). Find samples of this worksheet on many tax-related websites. The values of items on the worksheet are based on the price of similar items of clothing at thrift stores. Sort your clothing donations into three types: women’s, men’s and children’s. Separate the clothing further. Divide each type of clothing from Step 2 into the categories as listed on the worksheet. Such categories include jeans, blouses, dresses, coats, shoes and suits. Determine the condition of each piece of clothing. Rate each item as good, better than good or excellent. Record the quantity of
