I’m not an accountant, and don’t play one on TV. However, over the past six months, I’ve become a project manager, preparing my parents’ house for sale. Part of that work included identifying charities I could donate to on their behalf, and other places I could donate that would keep items out of the landfill. Just counting the nonprofits, I’ve identified 15 charities so far.
So then the question becomes, how do you “count” this for tax purposes and maybe a deduction?
Internal Revenue Service guidelines can be found in IRS publication 561 ( “Determining Value of Property and Form 8283 for tax deductions over $500”). I didn’t find these terribly enlightening, so I kept looking.
A few helpful tools included:
• Salvation Army’s Donation Value Guide: This was helpful for furniture, pictures, housewares and technology paraphernalia.
• Accounting for In-Kind Donations to nonprofits: Although this is for nonprofits that receive gifts, I liked the record keeping tips here.
• Goodwill: Clothing, books, cookware, electronics, sporting goods and toys.
• National Council of Jewish Women-St. Louis – Pricing Guide: I like this because it provides a range for different quality of clothes: budget, moderate, better and designer.
Additional general tips I’ve picked up from accountants and others:
• For more valuable items like art or high-end furniture, statues or sculptures, clothes etc. worth more than $5,000, you need an appraisal;
• The St. Louis Art Museum does not provide appraisals but offers several referrals. To find a qualified appraiser, contact the American Society of Appraisers at 800-272-8258, the Appraisers Association of America at 212-889-5404, or the International Society of Appraisers at 312-981-6778.
The St. Louis Art Museum does not provide appraisals but offers several referrals. To find a qualified appraiser, contact the American Society of Appraisers at 800-272-8258, the Appraisers Association of America at 212-889-5404, or the International Society of Appraisers at 312-981-6778, .
• Silver and gold coins, silverware, silver pitchers, serving pieces etc. — go to Scotsman Coin & Jewelry. It’s easiest to take items to evaluate to the Creve Coeur store at 11005 Olive Blvd. They pay cash or write a check on the spot if you want to sell to them.
• Selkirk’s does appraisals for a fee:
• For other types of items, look for current market value on eBay, Facebook Marketplace, Craigslist or other appropriate digital market places.
On the topic of tax deductibility, here’s a good introductory article. But the best practice is to ask your tax preparer what applies to you.
In addition, here are two more recommendations of places to donate:
• Walkers, canes, wheelchairs, commodes, etc. can go to Paraquad. This 53- year-old agency champions equity and independence for people with disabilities through services, partnerships, education and advocacy. Its Assistive Tech Reuse program provides used durable medical equipment to persons with disabilities. The organization also accept donations of used equipment and offers it for open-ended loans. www.paraquad.org, 314-289-4200, 5240 Oakland Ave.
• Luggage, backpacks and messenger bags to My Life in a Bag Foundation, which empowers youth in foster care and residential group homes by providing luggage and essentials, pooled from community resources, to enhance self-worth and resilience. To arrange for a pickup, call BizKitt (Charles) Smith at 833-909-2020.