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

Am I allowed to deduct legal feels on my tax return? I am getting a divorce and would like to know if I can deduct atto

Is it possible to deduct legal fees related to divorce proceedings? Learn more from the tax experts at H&R Block.

I am itemizing my tax return. Which medical expenses can I deduct?

Learn which medical expenses are tax deductible with advice from the tax experts at H&R Block.

I paid for my son to attend college and have a question about a tuition and fees deduction. This year, he graduated and

Can you deduct your child's college tuition if they filed their own return? Learn more from the tax experts at H&R Block.

I have a question about a pre-kindergarten or preschool tax deduction. Is private preschool tuition tax deductible?

Is private preschool tuition tax deductible? Learn more from the tax experts at H&R Block.