# Goodwill donations



## Stateline (Jan 3, 2013)

After doing my taxes <wincing> i've been looking for ways i can save on this year. Doing some research i came across chartible donation articles and said you can deduct the value of items donated to goodwill. Anybody do this? and is it worth the time, (assuming you have room to store items before you make a drop off) here is a link to their fair value pricing. I always come across items that could be donated that are nice/functional. (also a good way to get rid of pesky electronics that dumps won't take.) I'm sure some of you bigger guys wouldn't waste the time but those of us that could use the extra 10-20k deduction might want to think about it.

http://www.cincinnatigoodwill.org/files/FairMarketValueSheet.pdf


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## Splinterpicker (Apr 18, 2012)

Stateline said:


> After doing my taxes <wincing> i've been looking for ways i can save on this year. Doing some research i came across chartible donation articles and said you can deduct the value of items donated to goodwill. Anybody do this? and is it worth the time, (assuming you have room to store items before you make a drop off) here is a link to their fair value pricing. I always come across items that could be donated that are nice/functional. (also a good way to get rid of pesky electronics that dumps won't take.) I'm sure some of you bigger guys wouldn't waste the time but those of us that could use the extra 10-20k deduction might want to think about it.
> 
> http://www.cincinnatigoodwill.org/files/FairMarketValueSheet.pdf


 
We do it all the time !! JUST be SURE to take pictures of the items being donated


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## Stateline (Jan 3, 2013)

Splinterpicker said:


> We do it all the time !! JUST be SURE to take pictures of the items being donated


How do you add up the value? do you write out a list and then have the donation center sign it?


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## GTX63 (Apr 12, 2012)

Stateline said:


> . Doing some research i came across chartible donation articles and said you can deduct the value of items donated to goodwill. I'm sure some of you bigger guys wouldn't waste the time but those of us that could use the extra 10-20k deduction might want to think about it.
> 
> http://www.cincinnatigoodwill.org/files/FairMarketValueSheet.pdf


Lol, I think you are supposed to be the owner of the items you are writing off. 20K in Goodwill donations is going to get Mr. IRS to put his coffee cup down on the desk.


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## Splinterpicker (Apr 18, 2012)

Stateline said:


> How do you add up the value? do you write out a list and then have the donation center sign it?


yes write out a list then dependent on condition is the value. I usally do 50% of new, conservative and under the radar I say.


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## hammerhead (Apr 26, 2012)

GTX63 said:


> Lol, I think you are supposed to be the owner of the items you are writing off. 20K in Goodwill donations is going to get Mr. IRS to put his coffee cup down on the desk.


After 30 day storage with receipt you are the owner. hopefully :lol:


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## PropPresPro (Apr 12, 2012)

hammerhead said:


> After 30 day storage with receipt you are the owner. hopefully :lol:


But the tax man is going to want to know how much you had invested in the donated items vs. how much you are claiming as a deductible value. Either way, if it is a high dollar amount, it will most likely trigger an audit.


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## hammerhead (Apr 26, 2012)

PropPresPro said:


> But the tax man is going to want to know how much you had invested in the donated items vs. how much you are claiming as a deductible value. Either way, if it is a high dollar amount, it will most likely trigger an audit.


Go ahead and audit me. I'm losing my arse anyway this year.


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## BamaPPC (May 7, 2012)

My accountant said that, as an incorporated business, I wasn't able to deduct Goodwill donations. As an individual, a large amount of donations would trigger an audit.

I deemed it not worth the hassel. We still make the donations, just don't claim them.


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## Splinterpicker (Apr 18, 2012)

hammerhead said:


> Go ahead and audit me. I'm losing my arse anyway this year.


Copy that I'm 6k in the negative already !


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## brm1109 (Sep 17, 2012)

We donate as much as possible to Goodwill or Salvation Army. But because of the paperwork and possible audits we just drop it and go.
I do claim when we make personal donations.


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## Blonde25 (Dec 14, 2012)

We always donate to the Salvation Army, the money you save in dump fees for the stuff is worth more than the deduction. Also, donate old blankets and stuff to the animal shelter it annoys my husband that I make him seperate and store items but it really is a good deed


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## foothillsco (Nov 8, 2012)

You can't donate stuff to goodwill that you were paid to remove.

It goes something like the cost to you is zero, this is part of your normal business that your charging for.


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## BRADSConst (Oct 2, 2012)

foothillsco said:


> You can't donate stuff to goodwill that you were paid to remove.
> 
> It goes something like the cost to you is zero, this is part of your normal business that your charging for.


You can donate to goodwill. You can't take a business deduction.....


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## Stateline (Jan 3, 2013)

I don't see why you can't deduct it. I mean if i keep it and store it its mine. If i found $30,000 i'm sure they would want me to claim it as income. so if i donate $30,000 in stuff (just an example) i don't see why i can't donate it. I'll have to check with my accountant on this one. as for audits, no one wants to be audited. But i'm not worried my books are squeeky clean.


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