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.
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
Can you deduct moving expenses only if you buy a home in a new location? How about renting an apartment? Get answers from the tax experts at H&R Block.
What is the minimum charitable contribution that is eligible for a tax deduction? Learn more from the tax experts at H&R Block.
Does the size of your donation increase the size of your tax deduction? Learn more from the tax experts at H&R Block.
Learn what to do if you e-filed and mailed in a tax return with help from the tax experts at H&R Block.