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| *Ostroff, Fair and Company>>>Other Taxes |
How do I find the value of donated items for taxes? Shirts, household items, etc.? |
How do I find the value of donated items for taxes? Shirts, household items, etc.? The best way is to get a receipt when you make the donation. If you try to claim donations without one, you won't have any proof to show if you're audited. when i did it ,if it was valued UNDER $500.00 you didn't need a receipt,just call like goodwill and ask how they calculate it I donated a bunch of stuff like clothing and old kitchen utensils to Salvation Army, and they just gave me a receipt marked "misc". They told me to estimate it myself. The value of donated items for taxes is the price that would exchange between a willing buyer and a willing seller. I would check out online sites like ebay, amazon.com, overstock, etc., if the items are used. If they are fairly new items the purchase price from retail store or the price you purchased the items for would be a good value. As long as the prices are not extremely out of range, you should be ok. For big ticket items (over $300), the Market Value of the item should be well documented in the event of an audit. www.irs.gov www.taxalmanac.com I used TurboTax with the built in ItsDeductible program. They guarantee their values for donated items. turbotax.com |
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