How to Value Donations (Online Guides)

The values of donations can be very subjective and they may depend on the donated items conditions. Some items can be easily assigned a value, such as clothes, shoes, household items and groceries. There are some donated items that are more difficult to value; such as works of art, antiques and jewelry. You may need to get a value for donated items for tax purpose or for record keeping reasons.

Difficulty: Easy

Instructions

1. Make a list of all donations made during the year. Categorize the items by type; for example clothing, jewelry, computer equipment, arts. Do some research online and offline to find your donated items value.

2. Visit the Salvation Army My South.org internet site to find the value of donated items. Search for the “value guide”. This site has a database of items that are for sale at its thrift shops. The site offers this list for guidance. Some of the categories included are clothes, furniture and dry goods. You can find a low average price and a high average price for the donated items and used them to value your donations.

3. Use the IRS website to find fair value prices for donated items. Browse for IRS publication 561 to value your donations. This internet site provides the fair value for many donations. There is a list of items that can be valued using this method; including computers, household goods, antiques, jewelry, real estate, cars and boats. The IRS also offers a tax center that can help on valuing donations.

4. Go to a local thrift shop and check the value of similar items. The retail price of items of the same type and in the same condition as your donated items can be used as guide.

[Handmadedreams]

on 3/22/2009 Well done. Thanks.

[sonni57]

on 3/21/2009 Good idea on how to value online donations.