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Determining Fair Market Value for Donations

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Date: 12/02/2009 Topics: Better Living > Charity > Advice | Budget & Finance > Tax Tips | Readers Request > Budget  
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How do I value clothing items I've donated throughout the year? I took pictures of each item for our records, but now I need to put a value to each item.

By Candace from Scottsdale, AZ

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By leopardstripes (51) Profile Contact
Hi, Candace! Here's what I do: go to Honesty.com, and search for the item that you're donating. This site has a tool that lets you see what the going market rate is for the item, on auction websites- this is a great baseline to work from, because online auctions are the only national, "true" supply and demand market- if the price is too high, no one buys- you get a clear picture of what the market will bear, on used items. Good luck, and good for you, for donating! :o)

Posted on 12/05/2009 | Report Spam or Abuse

By Dedeswrkshop (142) Profile Blog! Contact
To my knowledge you do not get to determine the value of the items, the place you take them to does.
Our non-profit is only allowed to give a recipt for the amount we will make off of it. Example: your 30.00 shirt resales here for 2.00 and that 2.00 is all the more write off we can give.

Posted on 12/03/2009 | Report Spam or Abuse

By MCW (1040) Profile Blog! Contact
Read the Archives at the bottom of this page entitled:
Request: Determining Fair market Value for Donations

Posted on 12/02/2009 | Report Spam or Abuse

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Request: Determining Fair Market Value for Donations

Archived on 12/02/2009

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.

There are many Donation Outlets to serve your community.

By Mona from Hatchechubbee, AL

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RE: 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

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