How do I establish the market value of used items I donate to charity?
When you give used clothes or other items to charity, the Internal Revenue Service will allow you to deduct the fair market value of the items on your income tax return. The IRS isn’t in the appraisal business, so it can’t tell you exactly how much each item you donate is worth. Instead, the agency says the fair market value of used clothes, furniture and similar items is the amount people would pay for the items at thrift shops or used clothing stores. You can determine the size of the deduction to take by checking with local stores.
The U.S. Internal Revenue Services (IRS) has established the fair market value of the used item you want to donate to charity. The have provided several factors in establishing such market value of the used item. These are as follows: – The cost or the selling price of the used item; – Sales of comparable items; – Replacement costs; and – Expert’s opinions.
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