topic Medium used in Deductions & credits

Please define "High" & "Medium" value for clothing donated

lynander — Wed, 05 Jun 2019 03:04:00 GMT

new/un used

blueturquoise — Wed, 05 Jun 2019 03:04:02 GMT

new/un used

high unused

blueturquoise — Wed, 05 Jun 2019 03:04:03 GMT

high unused

I got sick and lost too much weight high/unused

blueturquoise — Wed, 05 Jun 2019 03:04:05 GMT

I got sick and lost too much weight high/unused

high they still have tags on them

blueturquoise — Wed, 05 Jun 2019 03:04:06 GMT

high they still have tags on them

Medium Used

rosy513 — Wed, 05 Jun 2019 03:04:07 GMT

Medium Used

Medium used

nancy6477 — Wed, 05 Jun 2019 03:04:09 GMT

Medium used

High...they still have the tags on them or were worn just...

Critter — Wed, 05 Jun 2019 03:04:10 GMT

High...they still have the tags on them or were worn just a couple of times.

Med... Gently used.

Remember! We are "just folks". Any answer here is an opin...

ken-roller — Wed, 05 Jun 2019 03:04:12 GMT

Remember! We are "just folks". Any answer here is an opinion. I think if the tag is still on the clothing,do it as an " add it" . List value as the cost on the tag and comment it as "New". Take a pic of the garment, with the price tag showing for proof.

If you buy something and give it away right away with the...

Critter — Wed, 05 Jun 2019 03:04:13 GMT

If you buy something and give it away right away with the tag still on it and it is still unworn then you would list this as a cash donation not an item donation. Item donations are only for things that have depreciated since you bought them.

I've never heard of that.

vclose — Wed, 05 Jun 2019 03:04:14 GMT

I've never heard of that.

You can use the "cash donation" for items that you still...

tygrtchr — Wed, 05 Jun 2019 03:04:16 GMT

You can use the "cash donation" for items that you still have the original cass receipt for.;

1) An item is never cash even if you donate brand new foo...

cbehret001 — Wed, 05 Jun 2019 03:04:17 GMT

1) An item is never cash even if you donate brand new food specifically purchased for a food pantry or brand new toy to toy drive. In those cases the cost and deduction are equal (full price, value method of "comparable sale").

2) When giving to thrift shop, you know that organization is never going to sell your item at full retail price. You have to deduct the benefit the charity will get from it. Your once $20 tee shirt sells for $4. So your cost/basis was $20; your deduction is $4.

On anything you donate, you can get a fair market value b...

tygrtchr — Wed, 05 Jun 2019 03:04:21 GMT

On anything you donate, you can get a fair market value by looking up the identical item (or as close to it as possible) on EBay. and valuing your item according to the values there. You might have to use the "add it" feature. This is the easiset way to get the largest deduction possible for your donation. Make sure you are checking on the SOLD LISTINGS list on eBay.

https://itsdeductibleonline.intuit.com/help/condition.htm...

Mel3 — Wed, 05 Jun 2019 03:04:22 GMT

https://itsdeductibleonline.intuit.com/help/condition.html#1

Here's how 'it's deductible' defines "high value" vs "medium value".

As far as clothes, you can look at some online thrift stores (Thread Up, Swap, Re-Stitch, etc) and get FMV (fair market value) there as well. I find this a little quicker than e-bay for clothes. Also, just because something is 'new with tags', doesn't mean it's high value. If something has been sitting around for a long time, and it's just not in style at all anymore, this should probably be 'medium value'. A gently used, recently purchased prom dress is going to be worth more than a new prom dress with tags, from the 80's.

High

rishmon — Wed, 05 Jun 2019 03:04:23 GMT

High

Re: Please define "High" & "Medium" value for clothing donated

noodad — Sun, 12 Jan 2020 15:21:30 GMT

I would also use "High" for any top-name labels or designers, even for items that are not new with tags, if they're in good shape. Unless they're items that are uniquely valuable or expensive and you think might be worth more than the typical clothing that ItsDeductible would be surveying; in that case enter it as a custom item

Just noticed -- ItsDeductible provides definitions here, with even a few brief examples: https://itsdeductibleonline.intuit.com/help/condition.html

Re: high they still have tags on them

lpngwn — Mon, 05 Oct 2020 23:44:13 GMT

I put them as medium tho because I have so much stuff to get rid of