How to Report Toy Donations for a Church Toy Drive on Taxes
You may deduct toy donations you make to a church organization on your federal taxes when you itemize deductions on an IRS Schedule A. The value of your charitable contributions is added to other itemized deductions you're eligible to take. Itemized deductions reduce your federal taxable income, which in turn reduces the amount of income tax you pay.
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Instructions
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Determine the value of your donations. If you make donations on multiple dates throughout the year, value each donation separately. If you donate new toys that are still packaged, the value of the items equals your purchase price. If you donate used toys, use the thrift store value method. This valuation method is commonly used to value donated items. The IRS accepts values provided by thrift stores, such as ARC, which values used toys at 50 cents to $10 apiece.
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Add the value of all your donations. If the total is less than $500, record the amount as an itemized deduction on Schedule A, line 17. Your toy donations are considered a charitable contribution "Other Than by Cash or Check."
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Record total values in excess of $500 on IRS Form 8283, Non-cash Charitable Contributions. List your donations by date. Include the names and addresses of the organizations you donated to, the date of your donations and the lump sum value of your donations. You must also include the method you used to value your donation. Transfer the total on Form 8283 to Schedule A, line 17.
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