Planning to get rid of furniture or other household items? Donating to ReStore is a win-win situation for everyone involved.
It is better for the environment, and your donated items make a huge impact on your community–as Jill Carmody, Minneapolis ReStore Senior Manager, says, “Donations are the lifeblood of ReStore." Plus, ReStore makes it as easy as possible for our donors by offering free residential and commercial pickup, and you get a 20% discount to ReStore when you donate!
On top of making a difference, one direct benefit you get from making a donation to a nonprofit is the ability to claim a tax deduction for your donation. But how much can you claim? When donating used items, that can get tricky. Gently used items don't have price tags anymore, and they lose value as soon as they are used, so you can only claim the resale value.
However, the IRS does not allow nonprofit organizations to set the value of your donation; the donor must assign that value as accurately as possible. So, how much are your donation items actually worth? Here are reasonable ranges to use as guidelines to help with your itemized deductions for items commonly donated to the ReStore using our Donation Value Guide.
While you don’t need to submit a receipt when claiming your donation tax deductions on your tax return, you will need one if you are ever audited, and donations of $250 or more can only be claimed if you have an acknowledgment of your donation from the charity. So play it safe, and always ask for a receipt.