If you itemize deductions on your federal tax return, you may be entitled to claim a charitable deduction for your donations. According to the Internal Revenue Service (IRS), a taxpayer can deduct the fair market value of clothing, household goods, used furniture, shoes, books and so forth. Fair market value is the price a willing buyer would pay for them. Value usually depends on the condition of the item. By law, a charity cannot tell you what your donated items are worth. This is something you must do yourself. To assess "fair market value" for 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
Determining 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 kind of information you must have to support the charitable contribution deduction you claim on your return. (Publication 561)
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 to keep, and how to report charitable contributions (Publication 526)
IRS Links for Forms and Instructions — IRS Tax Forms Form 8283 is used to report information about non-cash charitable contributions. Form 8282 is used to report information to the IRS and donors about dispositions of certain charitable deduction property made within 3 years after the donor contributed the property.
Precious Petals Ministry will be happy to provide a receipt for any cash donations; And, for non-cash donations as substantiation for your contributions in good used condition, only on the date of the donation.
"Your Contributions Are Tax Deductible"
Last Updated Dec 2017