Deductions and Credits Giving Alert! Thrift Stores, Charities Need Your (Tax Deductible) Donations Read the Article Open Share Drawer Share this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Pinterest (Opens in new window)Click to print (Opens in new window) Written by Published Oct 9, 2008 - [Updated May 23, 2022] 2 min read With economic times being tough, your local thrift store is probably doing a brisk business selling clothing to shoppers who want to save money. Unfortunately, it could also be running short of merchandise. That’s because some people accustomed to donating are holding on to clothes in their closet longer or selling them on eBay, to save money themselves. At the Salvation Army, sales nationwide increased during the summer while donations declined, according to a Sept. 10, 2008 report in The New York Times. Some individual shop managers even said they feared running out of goods by year’s end. So if you’ve been meaning to donate stuff in the back of your closet or the corner of your garage, that news should give you some motivation. Need more reasons to conquer your closet-cleaning procrastination? Remember that your donations are tax deductible, as long as you itemize deductions when you file your income taxes. The IRS requires that you list the “fair market value” of all your donations (yes, each and every outgrown t-shirt and stuffed animal). That value is what the items would fetch in thrift stores, resale shops and online auctions. Even though market values are typically far less than items cost when new, you might be surprised at how quickly your castoffs can add up to several hundred dollars. A pair of men’s khaki pants, depending on the condition, could be worth $6 to $8 each. A full-sized Bratz doll would snag you a $6 to $10 deduction. To meet IRS requirements, your donations must be in good condition. They also must be fully itemized and valued, given to a legitimate charity and the charity must provide you a receipt every time you donate. So take your mind off the economy: De-clutter, do good and get a tax deduction all in one. Previous Post Get Educated on College Savings Tax Breaks Next Post A New Baby and Tax Breaks Written by More from Leave a ReplyCancel reply Browse Related Articles Tax Help How to File a Business Tax Extension: Deadlines, Forms, and Penalties Tax Tips The White Lotus Tax Lessons: Navigating Gift Taxes, Lump Sum Payouts, Hush Money, and the IRS Tax Questions What Day Are Taxes Due? April 15! How to File for a Tax Extension or Pay Taxes Online Tax Questions What Happens If You File Your Taxes Wrong? Late Filing Penalties, Interest, and More Tax Questions What’s Tax Deductible? A Guide to Mortgage Interest, Long-Term Care, Funeral Expenses, Student Loans, and Roth IRA Contributions Tax Questions Is it Better to Get Your Taxes Done or Do Them Yourself? (And Other Tax Questions Answered) Tax Forms What is a 1099-K Form? How to Report Payments on Your Tax Return (2024) Tax Forms What is a 1099 Form? A Guide to Understanding Your Tax Obligations Income Tax by State Wisconsin State Income Tax in 2025: A Guide Income Tax by State West Virginia State Income Tax in 2025: A Guide