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

 

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