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I want to start a clothing store that operates from donations

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kind of like a goodwill...
I want to start a clothing store that operates from donations kind of like a goodwill but not on that level just a small store. I am needing an "outline" of rules and regulations I must follow. Any help?
Submitted: 2 years ago.Category: Business Law
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Answered in 8 minutes by:
6/7/2015
Business Lawyer: Dimitry K., Esq., Attorney replied 2 years ago
Dimitry K., Esq.
Category: Business Law
Satisfied Customers: 41,221
Experience: Run my own successful business/contract law practice.
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Thank you for your question. Please permit me to assist you with your concerns.
If I may ask, what types of donations are you thinking of receiving? Will you be providing tax free or charitable receipts to those individuals, or just accepting 'junk' or random items as part of your business plan? please advise.
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Customer reply replied 2 years ago
Yes I will need to provide tax docs to the donors. These items will have some value. I believe I will have to provide them with a fmv but I'm not sure
Business Lawyer: Dimitry K., Esq., Attorney replied 2 years ago
Hi,
Generally a 'for profit' cannot provide a tax write-off. Good will stores do not permit your donations to be tax deductible outright (it is a common misconception that they do). Now, the IRS permits those who itemize to write off the 'fair market value' but generally they provide a sheet of what they evaluate the costs to be. Here is their list, and also the list to the IRS regulations that govern donations in this instance:
http://www.goodwill.org/wp-content/uploads/2010/12/Donation_Valuation_Guide.pdf
(price points for donations)
http://www.amazinggoodwill.com/donating/IRS-guidelines
(IRS guidelines)
What you would need to do is still file to incorporate, obtain an EIN number from the IRS for your business, and contact local municipalities for any specific rules for zoning for a sales based business. The tax setup should be created by a CPA or a tax attorney because the business would need to maintain copious notes of all items received, their evaluations, and what invoices and information was provided to the donors. You would also need to collect sales tax if your location collects such taxes, and contact the state and local tax agencies as far as local business taxes and further obligations.
Sincerely,
Dimitry, Esq.
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Dimitry K., Esq.
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