When donating vinyl/CD's to Goodwill....

Discussion in 'Music Corner' started by ricebear, Oct 4, 2011.

  1. ricebear

    ricebear Active Member

    Location:
    Tulsa, OK
    Hi!

    Question: Is there a set standard amount for each LP and CD that one donates to Goodwill/library/church as a tax write-off? I'm sure several of you have donated in the past, and I just need to know how the whole tax-write off thing works when dumping bulk vinyl.

    Thanks!!!

    Annette
     
  2. Sckott

    Sckott Hand Tighten Only.

    Location:
    Hyannis Ma
    If they're getting 50c-$1.00 each, you can work around that.

    I'd say maybe 25c each?
     
  3. Aftermath

    Aftermath Forum Resident

    Whipped Cream Delights LPs: $0.05

    Otherwise, Sckott's assessment sounds about right.
     
  4. xman

    xman Active Member

    Location:
    Los Angeles, CA
    Here in Los Angeles they give you a slip with the amount of boxed records you donated. You determine their value. Consult your taxman. Also I noticed they are charging unreal and non-realistic prices on crap titles (the good stuff goes to their web site). I don't even shop for records or cds at Goodwill anymore.
     
  5. ivan_wemple

    ivan_wemple Well-Known Member

    Actually, you're legally permitted to deduct "thrift store" value for donated goods. If they're getting "50c-$1.00 each", you can deduct 50c-$1.00 each.
     
  6. Ramos Pinto

    Ramos Pinto New Member

    Location:
    Southeast US
    I thought the tax calculation software published these days had a figure programmed in, something like $2 a title for any media, whether it's a cd, album or vhs tape.

    Ha ha, last year I saw some completely destroyed James Brown records priced at $7 each at a local chain thrift store.

    Another store had stone mint Teresa Brewer and Anne Murray records priced similarly, over $6 each. It was worth a chuckle at least. At the latter store all the rock and metal albums in the same bin with Brewer and Murray were 77 cents each.
     
  7. Onearmsteve

    Onearmsteve Member

    Location:
    West TN, US
    Hope my local goodwill never does this. Everything vinyl is .99 and I
    Find good stuff now and then. CDs are 2.99 and for what they normally
    Have that is kind of high.
     
  8. hominy

    hominy Forum Resident

    :agree:
    It was hilarious looking at the "collectable records" at some of the Salvation Army stores in Canada and seeing them asking 19.99 for a copy of Billy Joel's "Glass Houses" and some Barry Manilow. It doesn't matter what it is, if the album says Elvis on it, it's collectable.:laugh:

    The local Goodwill chain out of Tacoma is one of the most prolific listers of LPs on the auction site. They then leave an unsellable pile of crappy dollar albums in the rack. Luckily, Seattle Goodwill is not affiliated with all of that crap. I still never find anything. :laugh::wave:
     
  9. Lord Hawthorne

    Lord Hawthorne Currently Untitled

    Location:
    Portland, Oregon
    The Portland Goodwill stores put their crappy beat-up records out for 2 dollars, after they don't sell on Ebay.

    Nice Mitsui-OSK line avatar.
     
  10. DJ Phoenix

    DJ Phoenix New Member

    I always get a laugh out of the fact, that the GW/SA's in L.A., their prcing on tecords, isnt consistant w/other stores. I've seen crap records priced for $6 @ some places, only to see others priced for more, or sometimes less at others. One of the things I miss about Vegas is record shopping at those stores, their records are $1-$2 each&ive found pretty good stuff. Course it was every so often, but still. Theres a Goodwill in Glendale, off Colorado, that has a lot of inconsistantly priced crap condition records. I always get a kick out of going in there &seeing the same 5-10 record stacks, sitting untouched. Its that way w/££their cds too. Some artist no ones ever heard of is a buck, but a good cd is $7? Makes no sense
     
  11. Tjazz

    Tjazz Forum Resident

    Location:
    USA
    Are you asking to avoid audits?


    Non-Cash Contributions Totalling More Than $500
    You must attach IRS Form 8283 if your total non-cash contributions exceeds $500.

    I assume most people try to put a number below $500. If you are audited, the donation of your records might be questioned. Most people are probably not audited.

    http://www.irs.gov/pub/irs-pdf/f8283.pdf

    Most people donate junk to Goodwill and then submit a deduction for less than $500. I'm sure their stuff was only worth a few dollars.
     
  12. hominy

    hominy Forum Resident

    Thank you, my lord:)

    The Salvation Army downtown once had a stack of LPs behind the collectable counter which wasn't a common sight. There was nothing special, maybe some random 80s soul albums priced at $5.00 each. I went back one week later and saw that the albums had been thrown into the dollar bins, the prices crossed out. I hope that taught them a lesson :angel:
     

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