Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

Why is the fair market value of charitable donations important to taxpayers?

April 26, 2017charitable DONATIONS fair market taxpayers value

0

Posted

Why is the fair market value of charitable donations important to taxpayers?

1 Answer

0

Posted

IRS Publications 526 and 561 state that taxpayers are entitled to deduct the fair market value of the items they donate to qualifying charities. While millions of taxpayers give away bags of clothing and other items to charity, the vast majority miss out on tax savings to which they are legally entitled because they do not know how to determine the fair market value for their item donations. By providing accurate values for thousands of commonly donated items, ItsDeductible enables you to take advantage of the full, legal charitable contribution deduction and save hundreds of dollars on your taxes.