If you itemize your taxes, you can deduct the value of the items you donate to us. When you donate to New 2 You, our thrift shop volunteers will be happy to provide you with a signed and dated receipt for tax purposes.
Please note that New 2 You does not keep a log of your donations and we do not provide tax valuations. However, there are some great tools available to help you estimate the value of your donated items:
- IRS publication 561 specifically addresses how to determine the value of donated property
- TurboTax’s free “ItsDeductible” program
- H&R Block‘s DeductionPro program (works with TaxCut software)
- Goodwill’s valuation estimates
- The Salvation Army’s valuation estimates
There are additional IRS requirements for deducting high-value items:
- Amounts of $250 require documentation from the charitable organization.
- An IRS Form 8283, Section A is required for charitable donations exceeding $500 that are non-cash donations.
- An IRS Form 8283, Section B is required for charitable donations exceeding $5000 that are non-cash donations.