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

Should Your Child File An Income Tax Return?

If your child earns income, do they need to file a tax return? Learn more from the tax experts at H&R Block.

Estimated Taxes Paid

Do you need to know your estimated taxes paid for past years. Find out where to search for this information. Get tax answers from H&R Block.

Claiming Parents As Dependents

Learn if you can claim your parents on your taxes with help from H&R Block.

Dependent's SSN Used On Anothers Taxes

Learn what to do if someone used your dependent's social security number on their taxes with advice from the tax experts at H&R Block.