Donating to thrift shops is often what comes to mind during spring cleaning, but if you want to get one more tax deduction for your 2015 tax return, now might be a good time.
“We’re a nonprofit industry, therefore all the donations made to us are tax deductions,” saidKelly Glissmeyer, the Rexburg Deseret Industries store manager.
To get the tax deduction, donations must be made by the end of the year and a receipt must be available when filing your taxes. To make the most of the tax deduction, make a list of items you plan to donate before taking them in.
“We will give you a receipt for your donations with no monetary value on it,” said Rhonda Starnes, the store manager for the Idaho Youth Ranch Thrift Store. “If you want to get the best of everything, you need to come in with an itemized list of what you have.”
Both Glissmeyer and Starnes say they rely on the donations to operate, and could always use more.
“The sale of those items goes to fund a training program for those in our community that lack or are seeking job skills, that we can provide for them,” said Glissmeyer.
“Those proceeds, after the overhead and everything is paid for, go towards several different programs that we have,” said Starnes. “We have the youth ranch in Middleton, Idaho, and we have other outreach programs throughout the state.”
With the chilly temperatures, winter gear is especially useful and in demand.
“Winter clothing, winter boots, winter shoes are always in demand,” said Glissmeyer.
HERE’s a link to the IRS’s description on charitable contributions for more specific information on how the deduction works.