I have quite a bit of new clothing/ shoes (mine and my late grandmother's) with tags attached and prices visible. I also have new beauty items (skincare and makeup). If I choose to donate these items, I understand used clothing is valued at FMV or thrift store pricing. What about my new items? From what I've read, I have to claim fair market value- is FMV considered the tag price? What about for beauty items? If they are new, but no price is listed, would a screenshot of the price online be sufficient? I plan to take pictures and document on an excel spreadsheet. Just trying to determine if I can write off the full value (tag price) of the new items or not. If not, how would I value them?
Even though they are unused with the price tags attached, would anyone give you the full price on that tag if your advertised them for sale? Items at thrift stores and garage sales sell for much less than on the tag. FMV is often about 10% of what is on that tag. It might be worth going to some thrift stores and looking at what new item with tags attached are going for,
here's a guide Goodwill provides
you should make a detailed list of what you're donating and make sure you get an acknowledgment.
should the value exceed $5,000 you need an appraisal.
Generally, if the claimed deduction for an item or group of similar items of donated property is
more than $5,000, you must get a qualified appraisal signed and dated by a qualified appraiser. a copy of the appraisal goes with your return.