Best Way Assigning Values to Items Donated to Good Will

I’m supposed to be working on my taxes…but I thought I would pause and share my discovery. Being “Frugalfish” meant for the last couple decades I have itemized deductions. Yesterday I finished recording and documenting the items I donated to “Good Will” in 2011.

There were three different options for us:

1)      Price by size of the box.

2)      Use a valuations sheet.

3)      Use

In order to document my donations, I took pictures of them, had an itemized list, (noting new items) and the receipt from Good Will.

Mr. Frugalfish and I went over the receipts and determined the size of the boxes. Using option #1, we could deduct $750.00.

He went through the itemized list, using the valuation sheet, and found the deduction to be $792.00. He noted most items as new or having a high value. I do not count them as a high value unless the tags are still on them.

I used to come up with valuations. I listed 99% of the items at medium value. For the items not listed there, I went to and looked up the amount they were selling for. I printed off the Ebay pages as documentation should I ever be audited. Since I tend to go low on my values, I don’t worry about an audit. My total was $963.92!

The best part is… is FREE!!!

This year I am going to look up the valuations as I donate them. I know I will be getting the largest, most accurate deduction, and will not be overwhelmed come tax time next year!

How do you save money?

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.