Small Business Taxes & Management--Copyright 1998-2008, A/N Group, Inc.
We've visited a number of thrift shops in the New York area and found the following prices for selected items. You can use these as a guide to value property contributions to charitable organizations. There are several points to keep in mind. First, it's assumed that all items are in salable condition. Prices vary widely based on the original quality of the item, how in or out of style the item is, and condition. For example, one pair of jeans may be brand new, that is, never worn, while another may be used but in good condition (no stains, rips, etc.). The new pair will probably command the high amount listed below. Second, prices can vary depending on the area of the country. Remember, this is only a starting point. By the way, the average is a strict arithmetic average, intended only as another guide. We found most prices clustered toward the low amount. If the charity doesn't provide you with an itemized receipt, do one on your own and get someone from the organization to sign it.
Please keep in mind the new rules that began in 2006. The IRS can deny a deduction for property that is of minimal value. Examples include socks and underwear. In addition, clothing and household items generally must be in good used condition or better. That rule doesn't apply if the claimed deduction for a single item is $500 or more and a qualified appraisal is attached to the return. Since the cost of an appraisal in most cases is likely to exceed the benefits of any deduction, most taxpayers will likely only contribute property in good condition.
Men's Clothing Low High Average
Belt/tie $ 2.00 $ 7.00 $ 4.50
Jacket 6.00 25.00 15.50
Overcoat 15.00 75.00 45.00
Pajamas 2.00 8.00 5.00
Pants (short) 3.00 10.00 6.50
Pants 5.00 15.00 10.00
Raincoat 5.00 20.00 12.50
Shirts 2.50 10.00 6.25
Sweaters 4.00 16.00 10.00
Suit 15.00 65.00 40.00
Tuxedo 10.00 65.00 37.50
Shoes 4.00 25.00 14.50
Ladies Clothing Low High Average
Blouse 3.00 14.00 8.50
Bathrobe 3.00 14.00 8.50
Boots 3.00 10.00 6.50
Bathing suit 4.00 15.00 9.50
Coat 10.00 60.00 35.00
Dress 6.00 20.00 13.00
Evening dress 10.00 80.00 45.00
Fur hat 7.00 30.00 18.50
Fur coat (fake) 25.00 150.00 87.50
Handbag 2.00 20.00 11.00
Hat 2.00 12.00 7.00
Jacket 5.00 16.00 10.50
Nightgown 4.00 12.00 8.00
Pants suit 8.00 30.00 19.00
Suit 10.00 40.00 25.00
Shoes 4.00 20.00 12.00
Skirt 3.00 10.00 6.50
Sweater 4.00 15.00 9.50
Slip 1.00 5.00 3.00
Slacks 4.00 12.00 8.00
Wedding dress/formal 40.00 200.00 120.00
Wig 5.00 35.00 20.00
Children's Clothing Low High Average
Blouse 2.00 8.00 5.00
Boots 2.00 12.00 7.00
Coat 4.00 20.00 12.00
Dress 4.00 12.00 8.00
Jacket 3.00 20.00 11.50
Jeans 2.00 12.00 7.00
Pants 2.00 12.00 7.00
Snowsuit 4.00 18.00 11.00
Shoes 2.00 8.00 5.00
Skirt 2.00 6.00 4.00
Sweater 3.00 9.00 6.00
Slacks 2.00 8.00 5.00
Shirt 2.00 6.00 4.00
Furniture Low High Average
Bedroom set 150.00 1,000.00 575.00
Bed (complete, double) 50.00 160.00 105.00
Bed (complete, single) 25.00 100.00 62.50
Chest 25.00 200.00 112.50
China cabinet 80.00 300.00 190.00
Crib (w/mattress) 25.00 100.00 62.50
Chair (upholstered) 25.00 100.00 62.50
Coffee table 15.00 75.00 45.00
Dining room set 140.00 800.00 470.00
Dresser 20.00 100.00 60.00
Dresser with mirror 20.00 140.00 80.00
Desk 15.00 175.00 95.00
Floor lamp 6.00 50.00 28.00
Folding bed 20.00 60.00 40.00
High chair 10.00 60.00 35.00
Kitchen set 35.00 200.00 117.50
Kitchen table 20.00 60.00 40.00
Kitchen chair 3.00 12.00 7.50
Lamp 5.00 75.00 40.00
Mattress (double) 25.00 75.00 50.00
Piano 75.00 400.00 237.50
Play pen 5.00 40.00 22.50
Rug 20.00 120.00 70.00
Sofa 50.00 250.00 150.00
Dry Goods Low High Average
Blanket 2.00 10.00 6.00
Bedspread 4.00 24.00 14.00
Drapes 6.00 40.00 23.00
Pillow 2.00 8.00 5.00
Sheet 2.00 8.00 5.00
Throw rug 2.00 16.00 9.00
Towel .50 4.00 2.25
Appliances Low High Average
Air conditioner 20.00 80.00 50.00
Dryer 45.00 90.00 67.50
Electric stove 75.00 150.00 112.50
Gas stove 50.00 125.00 87.50
Heater 7.50 20.00 13.75
Microwave 10.00 50.00 30.00
Refrigerator 75.00 200.00 137.50
T.V. (color) 30.00 90.00 60.00
Washer 40.00 140.00 90.00
Sporting Goods Low High Average
Bicycle 5.00 80.00 42.50
Fishing rod 5.00 25.00 15.00
Ice skates 5.00 30.00 17.50
Skis 10.00 120.00 65.00
Sled 5.00 20.00 12.50
Tennis racket 5.00 35.00 20.00
Miscellaneous Low High Average
Answering machine 10.00 30.00 20.00
Carriage 5.00 95.00 50.00
Copier 40.00 200.00 120.00
Fireplace set 20.00 80.00 50.00
Mower (riding) 100.00 300.00 200.00
Mower 25.00 100.00 62.50
Personal computer 75.00 400.00 237.50
Radio 5.00 50.00 27.50
Rototiller 25.00 110.00 67.50
Sewing machine 15.00 85.00 50.00
Snow blower 50.00 200.00 125.00
Vacuum cleaner 15.00 65.00 40.00
Note. All appliances, equipment assumed to be working; all clothing and furniture in good condition. Generally furniture items have, at most, minor flaws that are only obvious on closer inspection.
Copyright 1998-2008 by A/N Group, Inc. This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is distributed with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional service. If legal advice or other expert assistance is required, the services of a competent professional should be sought. The information is not necessarily a complete summary of all materials on the subject.--ISSN 1089-1536
Last update--02/15/08