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Donating Property to a Charity

Donating Property to a Charity

Donating used clothing and household items serves multiple purposes.  First off, it declutters the house.  Secondly, if you itemize your taxes you can get another deduction (reduces your taxable income). Third, you are giving to a charity (good karma). Fourth, you are helping someone.

When you donate clothing it is assumed that you are giving clothing in good repair, which can be worn. If the amount of your deduction is more than $500, you must complete and attach Form 8283

IRS instructions:

You must keep a receipt or written statement from the organization you gave the property to, or a reliable written record, that shows the organization’s name and address, the date and location of the gift, and a description of the property. For each gift of property, you should also keep reliable written records that include: How you figured the property’s value at the time you gave it.

We have excel spreadsheets on our website to help with this.budget-sample

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