How can I deduct contributions to Easter Seals Thrift Store on my federal tax return?
Easter Seals Thrift Stores are owned and operated by Easter Seals Sierra Nevada, a qualified organization under IRS guidelines. Contributions of personal property may be deductible on your federal tax return. To deduct a charitable contribution, you must file form 1040 and itemize deductions on Schedule A. You should only itemize deductions if the total amount is greater than your standard deduction. How do I determine the value of my contribution? The IRS says that you can deduct the fair market value of the contribution. For used items, the fair market value would normally be the price that typical buyers actually pay for items of this age, condition, style and use. Usually, such items are worth a lot less than what you paid for them. Examples of fair market value of second hand items would be the prices normally charged by thrift and second hand stores. What kind of records do I have to keep? For donations valued at less than $250, you should get a receipt from the charitable organi
