How is the value assigned to an in-kind donation for tax purposes?
In-kind contributions primarily include items or products that are provided free of charge or at a substantial discount to Knoxville Habitat for Humanity so that we can stretch our resources farther. Since we are a registered 501 (c)(3) organization, the fair market value of such donations is tax deductible. However, you should talk with your tax professional to learn how to best determine the fair market value of your donation.
Related Questions
- How much will my tax write-off be? (And how do I determine the value of my donation for a possible IRS car donation tax break and tax write-off purposes?
- When I make a donation to the Arava Institute, will I receive an acknowledgement/receipt for tax purposes?
- How will the value of my vehicle be determined for tax purposes?
