Donating - Do you put a value on your donations?

[jamielynne]

Well I am an accounting major - taking the federal income tax class now ( I should be studying!! ). bebe is right - it's fair market value. HTH

[flmomof2]

Originally Posted by CherryPicker

I realize that you are asking a specific tax related question...however, to be honest...I don't take receipts at all for my donations, because it truly is my way of giving back. (I hope you get your answer though).

Getting a receipt does not in any way change the fact that you are giving back to the community, and for many in a big way. The tax benefit is minor compared to what anyone involved in regularly donating is giving. I do itemize every item I give, although I have to admit I too did not get a receipt from several donations of groceries to the food bank. I do have receipts for all other donations, though, like Good Will. I use "It's deductible" to put a value on everything. It's a little extra work, but well worth it.

[bebecharmant]

Originally Posted by flmomof2

Getting a receipt does not in any way change the fact that you are giving back to the community, and for many in a big way. The tax benefit is minor compared to what anyone involved in regularly donating is giving. I do itemize every item I give, although I have to admit I too did not get a receipt from several donations of groceries to the food bank. I do have receipts for all other donations, though, like Good Will. I use "It's deductible" to put a value on everything. It's a little extra work, but well worth it.

So true, Getting a receipt allows you to get MORE money in order to buy MORE stuff to give back!!!

[JustJen]

I put a value on the items I donate. I have a box with a sheet of paper on it. Each time I come home with an item specifically bought to donate, I put it in the box, write the item(s) down, and then per the receipt write the price. I do not factor in Q's or ECB's or whatnot. When I take it to my foodbank (usually where I donate) I go through their unloading zone where you pull your car in and they cart your donations to a weigh station. They send me their thank you receipt which tells me the weights and such. When I receive that I staple it to the list for tax time.

I don't feel its wrong to be tax efficient when donating. I don't think it makes it any less of a donation at all. JMO

[tdrshopping]

great information, thanks for sharing the tips and the ideas.

[xxNikkiJ23xx]

Wow. I have never asked for a receipt when donating. I like the outlook of getting more back to give more back though. Its really true.

[tdrshopping]

I am methodical about getting receipts for donations. Applying these to deductions on my taxes affords me extra money so that I am able to donate more than if I had not deducted donations.

[mrprice]

I don't get receipts. I usually don't think of it. In the case in point, I don't think I would. I understand what you folks are saying about using the deduction to get more back to help more, but I personally can't justify getting a receipt for something more than the sales tax amount. That's just my opinion though.

[tdrshopping]

There are big and small donations.

Some large items that I've donated, with receipt, in the past

• antique dining room set for a church auction,
• automobile for Diabetes Assoc. - sure beats the stress of trading in an automobile and the charity gets cash for the trade,
• snow tires for auction to benefit a women's shelter - hardly used, a steal for a deal hunter and it helped others.
• boxes of appliances & large appliances after household consolidations (many unused) - sadly family passes and the items can definitely be used by others.
• oodles of clothing with tags still on them,
• during household remodel all extras & replaced items are donated to Habitat for Humanity - Taking a value of $50 when the replacement cabinets ran $2K is justifiable.Habitat for Humanity has Re-stores in cities throughout the country that sell these items to raise money for the organization. They take furniture too.

I typically use the value calculator on the Salvation Army website or the charity's recommendation to determine the value.

Our house we have a goal to donate something at least once a month. We have tubs in the garage to put the donations as they accrue. This can amounts to numbers in the thousands of what we donate.

In the past, I've donated food twice a year, during May for the mail carriers and the holidays for the Feeding America (2nd Harvest) food drives without taking any receipts. During the holiday season, children's hospital puts out a wishlist for craft supplies, cleaning products, and storage containers so I save those up for them.

Since learning all the meanderings of better consumable donating from couponmon, I would not want to limit myself should I decide to take in a couple hundred dollars worth.