For those who have donated items (other than cash) to your favorite charities most typically underestimate the value of these items. Intuit and H&R Block have software that will assist you in determining value, but here's a way to save the $19.95 they charge and get more $$$ back on your tax return (the tax savings you'll realize will probably be more than 90% of the hot deals posted in the past year here).
Use these tables to get a fair market value for your donated items. Be sure to take the maximum deduction you are allowed (key word is "allowed").
- Valuation Guide for Items Donated to The Salvation Army
- Another Guide for Donated Items - A Few More Items Included
- Guide provided by Goodwill
Other useful links:
- IRS Publication 561 - Determining The Value of Donated Property
- IRS Publication 526 - Charitable Contributions
- IRS Requirements - Record Keeping for Donations
- US News Article on Chartible Donations
- PC Magazine Article on "Itdeductible" from March 2001
- More details on record keeping for non-cash donations
Interesting online "quiz" to see how well you can value your items:
- Compare your estimates to the "experts"
Use these tables to get a fair market value for your donated items. Be sure to take the maximum deduction you are allowed (key word is "allowed").
- Valuation Guide for Items Donated to The Salvation Army
- Another Guide for Donated Items - A Few More Items Included
- Guide provided by Goodwill
Other useful links:
- IRS Publication 561 - Determining The Value of Donated Property
- IRS Publication 526 - Charitable Contributions
- IRS Requirements - Record Keeping for Donations
- US News Article on Chartible Donations
- PC Magazine Article on "Itdeductible" from March 2001
- More details on record keeping for non-cash donations
Interesting online "quiz" to see how well you can value your items:
- Compare your estimates to the "experts"