Donating Furniture

Fiver

Fiver

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Jan 30, 2009
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Does anyone know what kind of write off you get for donating a piece of furniture that was maybe $400 retail?

A friend of a friend might want it but I'm curious what kind of a write off you get for giving it to Goodwill.
 


I assume you live in the United States. You are supposed to use the fair market value when donating to organizations like the Goodwill. In my youth I volunteered at an organization that accepted donations, you will typically receive a blank receipt from the organization which you can fill out with the appropriate dollar amounts of the items donated.

If you plan on using this donation as a write off on your personal tax return you will need to do an itemized deduction. 2013's standard deduction was 6100-12200 depending on filing status.

If you plan on using the write off on your business return it would show up on schedule C.
 
ShadowPanther said:
I assume you live in the United States. You are supposed to use the fair market value when donating to organizations like the Goodwill. In my youth I volunteered at an organization that accepted donations, you will typically receive a blank receipt from the organization which you can fill out with the appropriate dollar amounts of the items donated.

If you plan on using this donation as a write off on your personal tax return you will need to do an itemized deduction. 2013's standard deduction was 6100-12200 depending on filing status.

If you plan on using the write off on your business return it would show up on schedule C.
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Yeah, I'm in the US.

Is the appropriate dollar amount the retail price of the item or what it's probably worth now to someone buying it used?

Also, from the price of the item I claim, what percent of that is a write off?
 
I've been with people to donate before and they just handed them the form to write whatever $ amount they wanted.
 
All of the above is true if you keep it below $5,000. Above $5k and you need an appraisal.
 
Well, I have linked 2013's Schedule A which is itemized deduction worksheet.
http://www.irs.gov/pub/irs-pdf/f1040sa.pdf

If you do not have a mortgage payment or huge medical bills (amount x 10%) that will exceed 6100 you are probably taking a standard deduction and this conversation about a write off for a donation is moot point. If you are planning on itemizing this year look at the section on Schedule A that is titled "charitable contributions".

Fair market value (FMV) is an estimate of the market value of a property, based on what a knowledgeable, willing, and unpressured buyer would probably pay to a knowledgeable, willing, and unpressured seller in the market.
 
I knew if we just waited long enough, an actual tax professional would come take responsibility for some real tax advice here on wickedfire. Let's hear it for ShadowPanther!
 
lukep said:
I knew if we just waited long enough, an actual tax professional would come take responsibility for some real tax advice here on wickedfire. Let's hear it for ShadowPanther!
Click to expand...

I agree. I"m thinking a ShadowPanther AMA would be a popular thread around here.
 
Fiver said:
Does anyone know what kind of write off you get for donating a piece of furniture that was maybe $400 retail?

A friend of a friend might want it but I'm curious what kind of a write off you get for giving it to Goodwill.
Click to expand...


Yes, your accountant!
 
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