claim a tax deduction
Your monetary donations and donations of clothing and household items that are in “good” condition or better are entitled to a tax deduction, according to federal law. The Internal Revenue Service requires that all charitable donations be itemized and valued.
Use the average price list below as a guide to determine the value of your donation. Values are approximate and based on items in good condition.
You are reading: Donate books tax deductible
It’s a good idea to check with your accountant or read the rules before filing. Here are some practical tips from the IRS for deducting charitable donations.
When you bring items to one of our donation locations, you can fill out a paper donation form. The form is required if you are donating computers and other technology equipment so that we can meet state reporting requirements. Thanks for taking the time to complete it!
estimated donation values
tax information
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If you itemize deductions on your federal tax return, you may be entitled to claim a charitable deduction for your goodwill donations. According to the Internal Revenue Service (IRS), a taxpayer can deduct the fair market value of clothing, household items, used furniture, shoes, books, etc. fair market value is the price a willing buyer would pay for them. the value generally depends on the condition of the item. By law, a charity cannot tell you the value of your donated items. this is something you have to do yourself. to assess the “fair market value” of your donations:
- consult a local tax advisor who should be familiar with market values in your region
- review the following tax guides available from the irs
irs guidelines
Determine the value of donated property: Defines “fair market value” and helps donors and appraisers determine the value of property given to qualified organizations. It also explains what information you need to have to support the charitable contributions deduction you claim on your return. (post 561)
To help you determine the fair market value of your donations, goodwill is pleased to provide a donation value guide that offers average prices in our stores for items in good condition.
Charitable Contributions – Explains which organizations are qualified to receive deductible charitable contributions, the types of contributions you can deduct, how much you can deduct, what records you must keep, and how to report charitable contributions (publication 526)
Non-monetary charitable contributions: Applies to deduction claims totaling more than $500 for all items contributed. If a donor is claiming more than $5,000 in contribution value, there is a section called “Donate Acknowledgment” in Section B, Part IV of Internal Revenue Service (IRS) Form 8283 that must be completed. the form and instructions are available on the irs site and can be accessed through this link, irs tax forms. A member of the administration staff must verify that the donation receipts match the completed form and fill in the date of the donation in this section. In addition, the name of Goodwill (Goodwill Retail Services, Inc.), the address of the store and the identification number (39-2040239) must be completed. Administrative staff must also provide their signature, title, and the date signed. finally, a copy of the completed 8283 form(s) must be sent to the commodity analyst.
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irs links for forms and instructions: IRS tax form 8283 is used to report non-cash charitable contributions. Form 8282 is used to provide information to the IRS and donors about dispositions of certain charitable deduction assets made within 3 years of the donor contributing the assets.
goodwill will be happy to provide a receipt as proof of your contributions in good used condition, only on the date of the donation.
Central Coast goodwill information for tax filing with your donation center address.
tax ID 94-1254638
source: irs donation guidelines
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