Personal Tax Deductions and Your Donations

According to the I.R.S. website, in order to receive a personal tax deduction for your in-kind (not cash) charitable contributions you must:

1. obtain a receipt for your donation(s)
2. document what you contributed
   
3. place a fair market value on the donation
   
4. ensure all clothing and household items contributed and claimed are in good, used condition or better

WExchange can provide you with a donation receipt for your use in preparing your personal income tax returns. The donation receipts are provided on behalf of the nonprofit organizations participating in the proceeds of the sales at the shop each quarter for whom we act as agents.

It is up to you to determine and place a fair market value on your donations. We are unable to do that for you, but suggest you refer to the suggested value list of a national thrift (our normal store prices are similar)which you may find here:  

http://www.salvationarmysouth.org/valueguide.htm

As with any tax-related subject, individual donors should always consult a tax professional regarding their particular donations.  

See the I.R.S. Publication 526 Charitable Contributions for further information. (This is an Adobe Acrobat PDF file which requires the free Adobe Acrobat Reader to view):