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 Deductions and Credits Donating to Charity & Taxes: An Intro Guide Tax Deductions and Credits Goodbye Shorts and T-Shirts, Hello Boots and Sweaters! … Tax Deductions and Credits Holiday Donations and Tax Savings Tax Deductions and Credits Observe Veterans Day with 7 Savings and Tax Deductions … Tax Deductions and Credits Spring Cleaning and Charitable Giving to Help at Tax-Ti… Tax Deductions and Credits 13 Tax-Deductible Donations That Aren’t Clothes Family 6 Tax Tips for Military Personnel Tax Planning 5 Ways to Boost Next Year’s Tax Refund Now Tax Planning 6 Ways to Get Organized Now to Make Tax Time Easier Tax Deductions and Credits ‘Tis the Season for Charitable Giving and Tax Ded…