The 80 Dollar Bag- The Importance Of Itemizing Your Donations

With the anticipation of an early spring, I felt it was best to clean out my closet. Ok, the reality is that I spent about 20 minutes going through the different categories. We all have things in our closet to purge, including the organizer.

I added my items to my already in progress donate bag. I keep a donate bag in my storage unit. During the year, I put items in it that are worn out or I don't need.  When the bag fills up, I simply itemize the items and drop them off  for donation.

In my  years of organizing, I have seen many people itemize while others just let it go. Hey, its a tax deduction. Think about it. If you are doing a big clean out, it could mean  several thousands of dollars of write offs for the next year.

I personally itemize my donations. That bag from last week was worth 80 dollars. I usually have two bags per year.

What are the fair prices for donations? Here are a couple of resources to help you out.

  1. The salvation army guide. Each year  they post of guide of prices approved by the IRS for donation
  2. The App- Its Deductible- This is amazing. You simply enter your donated items and it tells you the value

If you are doing a large clean out, have a friend help you go through and itemize. You can even print out a page with categories and make tic marks beside them. Whatever works for you.

 

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