IRS Guidelines - IRS Guidelines If you itemize deductions...

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IRS Guidelines If you itemize deductions on your federal tax return, you are entitled to claim a charitable deduction for your Goodwill donations. According to the Internal Revenue Service (IRS), a taxpayer can deduct the fair market value of clothing, household goods, used furniture, shoes, books and so forth. Fair market value is the price a willing buyer would pay for them. Value usually depends on the condition of the item. By law, a charity cannot tell you what your donated items are worth. This is something you must do yourself. To assess "fair market value" for your donations: Consult a local tax advisor who should be familiar with market values in your region Review the following tax guides available from the IRS Determining the Value of Donated Property — defines "fair market value" and helps donors and appraisers determine the value of property given to qualified organizations. It also explains what kind of information you must
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Unformatted text preview: have to support the charitable contribution deduction you claim on your return. (Publication 561) To help you determine your donations fair market value Goodwill is happy to provide a “Value Guide” that offers average prices in our stores for items in good condition. Charitable Contributions — explains which organizations are qualified to receive deductible charitable contributions, the types of contributions you can deduct, how much you can deduct, what records to keep, and how to report charitable contributions (Publication 526) Noncash Charitable Contributions — applies to deduction claims totaling more than $500 for all contributed items. (Form 8283) You will need Goodwill's Federal Identification number when filing this form. That number is: 39-0808491. Goodwill will be happy to provide a receipt as substantiation for your contributions in good used condition, only on the date of the donation....
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  • Spring '11
  • Smith
  • Taxation in the United States, fair market value

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