How to Value Donations (Online Guides)

Get a value on all donations for a proper tax deduction.

Determining the value of donations is often subjective, depending on condition. For items such as clothes, shoes, household goods and groceries, a value is easily determined. Others are more difficult, such as works of art, antiques and jewelry. For tax or record keeping purposes, it is important to get a value for donated items.

Difficulty:

Easy

Instructions

1. Make a list of all donations made during the year. Categorize by type; for example, clothing, jewelry, computer equipment, arts.

2. Visit the Salvation Army website to find the value of donated items (see Resources). Search for the "value guide." This site has a database of items for sale at its thrift shops. Some of the categories are clothes, furniture and dry goods. A low average price and high average price are listed for each item, which you can use to value your donations.

3. Access the Internal Revenue Service at IRS.gov. Browse Publication 561 to value your donations. You will find the fair value for many donated items, 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. Visit a local thrift shop and check the value of similar items. The retail prices can serve as a guide, assuming you are comparing items of the same type and condition.

References

• Goodwill: Donation Value Guide
• Money Blue Book: How To Value Your Clothing Donations and Get A Tax Deduction