Question

Does the IRS provide charitable donation values for goods donated to charity? I am trying to calculate the Goodwill donation values of the household items I donated this year.

Answer

 

To calculate the charitable donation values of household items, or any items donated to charity you will use the fair market value (FMV) of the property at the time the donation was made. There are many ways to determine the FMV of the item donated. Typically its is the price you could get paid for the item on the open market.

If you would like to learn more about how to determine the value of donated items including Goodwill donation values for donated property, reference:

  • Publication 561: Determining the Value of Donated Property at www.irs.gov
  • The Valuation Guide for Goodwill Donors at https://www.goodwill.org/wp-content/uploads/2010/12/Donation_Valuation_Guide.pdf
  • The Salvation Army’s online valuation tool

 

Related Topics

Related Resources

Unreimbursed Employee Expenses - Form 2106

Do you have unreimbursed expenses to include on your tax return? Learn how to claim unreimbursed employee expenses with IRS Form 2106.

Taxes Get Personal: What’s Your Filing Status?

Do you know what your tax filing status is? Learn how to determine and check your tax filing status with H&R Block.

What Types of Tax Preparers Are There?

Tax preparers can have various designation and specialties. Learn how different types of tax preparers at H&R Block can help you in person or virtually.

What Is a CPA or Certified Public Accountant?

What is a CPA, and how can one help you with preparing your taxes? Understand the role of a certified public accountant with the experts at H&R Block.