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May 2008
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Taxes and You!
Do you have a list of “fair market value” on household items donated to charities? PS - this year I decided to try the family taxes myself and bought the Turbo Tax program. Thanks for giving me confidence to try to do it myself.
First of all, good job on doing your own taxes. I'm hearing this more often these days, and individuals such as yourself are very pleased with the results they are having.
The following is a list of the “fair market value” guide for some donations that could be used on a tax return for charities that qualify as a 501c(3).
Furniture:
Baby bed- $45-$100
Bedroom set, 2 pc. - $40-$100
Chest of Drawers - $25-$75
Dining room set - $100-$300
Kitchens set, 5 pc. - $30-$250
Bedroom set, 3 pc. - $75-$100
Appliances:
Microwave - $20-$40
TV, color - $20-$300
DVD Player - $40-$200
VCR - $20-$40
Hard Drive - $5-$75
Printer - $5-$30
Miscellaneous:
Bicycle - $5-$35
Exercise equipment - $5-$200
Riding mower - $50-$300
Lawn mower - $5-$65
Piano/organ - $50-$200
Fair market value is the amount of money at which property would sell between a willing buyer and seller. To substantiate a deduction for the fair market value of used items donated to a charity, make a list of each item donated on a separate sheet of paper with the following:
- Name and address of charity
- Date items were donated
- Description
- Fair market value at the time of donation
- Date each item was originally purchased or acquired
- Cost of each item donated
The above is a guide and is not written in stone concerning the price of items to be sold at a donation site. All items must be able to be sold and are to have a value (don't donate something that will have to be discarded by the organization).
If you have questions on the items you wish to donate, go to the charitable organization and check out their business to compare other items already donated and how they are priced. This will be a good guide.
If you have any questions or would like to schedule a seminar/workshop, free of charge, just call (775) 852- 1416 for a time and place.
If you have any questions or would like to schedule a seminar/workshop, free of charge, just call (775) 852- 1416 for a time and place.