Jun 29
Tip for valuing charitable donations
When donating items to charity (i.e. through thrift shops, The Salvation Army etc.) make sure to deduct their value when filing your taxes with the IRS. Determining the value of donated items is typically up to you because most charities simply hand you a blank slip that only shows evidence of a donation -- without attaching a dollar value.
According to the IRS, you can deduct the "fair market value" of items donated. Fair market value is defined as
the price a buyer would be willing to pay for the items. The IRS suggests
you look at prices at thrift stores, in classified ads, and on auction sites to determine appropriate dollar values.
You can access The Salvation Army's valuation guide for appliances, children's items, dry goods, furniture, men's items, and women's items here.
To access an IRS guide to charitable contributions see here.
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[...] Tip for valuing charitable donations [Sound Money Tips] [...]
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How do I determine the actual value of a donated value?
HOW DO I DETERMINE THE VALUE OF DONAYED ITEMS