Small Business Taxes & Management--Copyright 1998-2021, A/N Group, Inc.
We've visited a number of thrift shops in the New York and New England area and found the following range of 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 saleable 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. Leather pants, coats, etc. command higher prices. Formal dresses and bridal gowns may be priced individually. Make sure the receipt indicates the reason for a higher price (e.g., leather pants; formal dress). Consider taking pictures of items with a high value, e.g., bridal gown, furniture in particularly good condition, etc. By the way, the average price 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. Don't simply put "3 bags of clothing". That's a sure way to lose a deduction if audited.
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 $10.00 $ 6.00 Jacket 5.00 25.00 15.00 Jeans 5.00 25.00 15.00 Overcoat 10.00 50.00 30.00 Pajamas 2.00 8.00 5.00 Pants (short) 2.00 9.00 5.50 Pants (casual) 3.00 12.00 7.50 Pants (dress) 4.00 14.00 9.00 Raincoat 5.00 22.00 13.50 Shirts 3.50 10.00 6.75 Sport coat 5.00 15.00 10.00 Sweaters 3.00 15.00 9.00 Suit 15.00 50.00 32.50 Shoes 4.00 25.00 14.50 Sneakers 3.00 15.00 9.00 Tuxedo 12.00 65.00 38.50 Women's Clothing Low High Average Blouse $3.00 $13.00 $7.50 Bathrobe 3.00 14.00 8.50 Boots 5.00 20.00 12.50 Bathing suit 4.00 12.00 8.00 Bras 3.00 8.00 5.50 Coat 10.00 60.00 35.00 Dress 6.00 26.00 16.00 Evening dress 10.00 70.00 40.00 Fur hat 7.00 30.00 18.50 Fur coat (fake) 25.00 300.00 162.50 Handbag 3.00 30.00 16.50 Hat 2.00 12.00 7.00 Jacket 6.00 20.00 13.00 Jeans 5.00 20.00 12.50 Leggings 4.00 10.00 7.00 Nightgown 4.00 12.00 8.00 Pants suit 9.00 30.00 19.50 Suit 10.00 50.00 30.00 Shoes 3.00 17.00 10.00 Shorts 2.00 8.50 5.25 Skirt 4.00 12.00 8.00 Sweater 4.00 16.00 10.00 Slacks 4.50 12.50 8.50 Tank/T-shirt 2.00 7.00 4.50 Vest 3.00 10.00 6.50 Wedding dress/formal 30.00 220.00 125.00 Wig 5.00 35.00 20.00 Children's Clothing Low High Average Bathing suit 2.00 10.00 6.00 Blouse 2.00 10.00 6.00 Boots 2.00 16.00 9.00 Coat 4.00 20.00 12.00 Dress 4.00 12.00 8.00 Jacket 3.00 25.00 14.00 Jeans 3.00 14.00 8.50 Pants 3.00 14.00 8.50 Snowsuit 5.00 20.00 12.50 Shoes 2.00 10.00 6.00 Skirt 2.00 12.00 7.00 Sweater 3.00 10.00 6.50 Slacks 4.00 14.00 9.00 Shirt 2.00 6.00 4.00 Furniture Low High Average Bedroom set 150.00 900.00 525.00 Bed (complete, double) 50.00 170.00 110.00 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 85.00 55.00 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 15.00 185.00 200.00 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 30.00 170.00 100.00 Kitchen table 20.00 60.00 40.00 Kitchen chair 3.00 12.00 7.50 Lamp 5.00 65.00 35.00 Mattress (double) 25.00 75.00 50.00 Piano 75.00 550.00 312.50 Pictures/Paintings 5.00 100.00 52.50 Play pen 5.00 35.00 20.00 Rug 10.00 110.00 60.00 Secretary 50.00 160.00 105.00 Sofa 60.00 220.00 140.00 Wardrobe 20.00 120.00 70.00 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 20.00 11.00 Towel .50 4.00 2.25 Appliances Low High Average Air conditioner 20.00 80.00 50.00 Dryer 50.00 100.00 75.00 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 Radio 8.00 44.00 26.00 Refrigerator 75.00 200.00 137.50 T.V. (color) 40.00 150.00 95.00 Washer 40.00 160.00 100.00 Sporting Goods Low High Average Bicycle 10.00 100.00 55.00 Fishing rod 5.00 30.00 17.50 Golf clubs 3.00 17.00 10.00 Ice skates 5.00 25.00 15.00 Skis 10.00 100.00 55.00 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 Book (hardcover) 1.00 3.00 2.00 Book (paperback) .50 2.00 1.25 Carriage 5.00 75.00 40.00 CDs 1.00 5.00 3.00 Copier 40.00 200.00 120.00 DVDs 1.00 4.00 2.50 Fireplace set 20.00 80.00 50.00 Mower (riding) 100.00 400.00 250.00 Mower 25.00 100.00 62.50 Personal computer 50.00 150.00 100.00 Computer monitor 8.00 60.00 34.00 Radio 5.00 30.00 17.50 Rototiller 25.00 110.00 67.50 Sewing machine 15.00 95.00 55.00 Snow blower 50.00 200.00 125.00 Vacuum cleaner 15.00 65.00 40.00Notes.
Copyright 1998-2021 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. Articles in this publication are not intended to be used, and cannot be used, for the purpose of avoiding accuracy-related penalties that may be imposed on a taxpayer. The information is not necessarily a complete summary of all materials on the subject. Copyright is not claimed on material from U.S. Government sources.--ISSN 1089-1536
Last update--01/24/22