Noncash Charitable Donations
By Linda Fatland — Ryun, Givens & Company Tax Supervisor
Along with spring comes spring cleaning, which frequently means donating clothing and household goods to Goodwill or a similar charity.
When you make the donations, the charity should give you a receipt with their name and the date of the donation along with a general description of what was donated. You should keep this receipt for your files. Also, keep a list of the donated items and their fair market (or thrift shop) value.
These non-cash charitable donations are deductible if you itemize your deductions on your income tax return. If your non-cash charitable donations for the year total over $500, you will need to fill out Form 8283 and attach it to your return. On this form, list the name and address of the charitable organization, the date of the donation, a general description of what was given, and the fair market value of the items donated.
Fair market value of your donations can often be determined by comparable sales (eBay, Craigslist, etc.) or the cost to purchase a similar item at a thrift store. There are also other online resources available such as the guidelines that can be found on both the Salvation Army and the Goodwill Industries websites.
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