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Donation value for tax purposes

Discussion in 'General Discussions - USA & Canada' started by Ponraj12345, Mar 19, 2009.

  1. Ponraj12345

    Ponraj12345 New IL'ite

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    Hello All,

    I have few items including crib and lots of baby clothing to be donated to Salvation Army. All I heard was I would get a receipt from the truck driver who comes for pick up. Now my question is how to set a valuation on my donation? For instance, according to the site crib with mattress can be valued between $25 (low) and $100(high). Also the site says to consult the tax advisor if needed.

    Has anyone done this before?

    Please respond.

    Thanks
     
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  2. saritaji

    saritaji New IL'ite

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    Hi Ponraj, Yeah, did it many times. The people we donate to give us a receipt saying what items they received from. You can estimate the good's value and claim it in the tax form.

    If an audit happens, they would expect to see some documentation from you (either the original receipt of the item or a document saying the model has the market price of ....)

    Whenever I tried to claim it in the tax form, the standard deduction came out to be better than the itemized deduction, so I never had to use the donation detail.

    Thats my story, hope this helps.
    Sarita.
     
  3. mridusudha

    mridusudha Silver IL'ite

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    I usually use a median value for donated items. If the item you donated was in excellent condition then use the high value..But it makes more sense to use a median value because most of the items you donate are not brand new (they are used!)

    Hope this helps!
     

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