Determining Fair Market Value for Donations

To help you determine your donations "fair market value", Goodwill provides a "Value Guide" and offers average prices in their stores for items in good condition. Get a receipt and this can be deducted from your taxes. You will be surprised how much this adds up.

I usually keep a bin or box and collect items as I go throughout the year. I just love it when it gets full and I have to start another one. I also write down all items I give. This is needed for tax verification or for the person doing the taxes.

This is probably a great incentive for one to clean out the clutter around the house and you can claim it on your taxes at the end of the year. Individuals with disabilities and other barriers are employed at certain facilities, this helps them as well. Also this will help the needy, too. What a way to make your Heart-Strings feel happy. Go green for the environment as well. Recycle everything.

A great time to shop stores such as Goodwill, Salvation Army, Valley Rescue Mission, etc. is after Christmas. Stores such as Target, etc. donate items as well, to these stores in great or new condition.

Whenever I got to town, I start packing up my truck and take a load of goodies to one of the Donation Centers.

Here is the website I visited with a list of items that give you the prices for fair market value.

• http://www.goodwillsew.com/page.asp?dbID=295

There are many Donation Outlets to serve your community.

By Mona from Hatchechubbee, AL

Answers:

Determining Fair Market Value for Donations

If you have only a few donations the free guides above provide information, but if you donate many items each year you can reduce your taxes or get a larger refund using donation valuation software.

For those of you who do your own taxes with TurboTax, they offer their ItsDeductible software free and the two work together to find fair market values for your donated items. If you use an accountant or taxpro, then charitydeductions.com also provides values for nearly anything sold on eBay and doesn't require you to purchase Turbotax later to view your results. (12/19/2008)

By David