Author Topic: Donating physical objects to charity  (Read 2273 times)

postvmvs

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Donating physical objects to charity
« on: November 30, 2016, 07:10:58 PM »
I itemize my deductions and I have some new in box toys that I don't feel like would be worth my effort to try and sell. Am I correct in thinking I could donate these to a charity, basing their value upon what these items have actually sold for on eBay when it comes to reporting the donation to the IRS.

If the amount is less than $250, what proof do I need to maintain that I actually did this? I usually fill out my own taxes using TurboTax if it matters.

Spork

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Re: Donating physical objects to charity
« Reply #1 on: December 01, 2016, 08:39:13 AM »
I itemize my deductions and I have some new in box toys that I don't feel like would be worth my effort to try and sell. Am I correct in thinking I could donate these to a charity, basing their value upon what these items have actually sold for on eBay when it comes to reporting the donation to the IRS.

If the amount is less than $250, what proof do I need to maintain that I actually did this? I usually fill out my own taxes using TurboTax if it matters.

Normally you just need a receipt from the charity.  For instance, Goodwill will generally give you a blank receipt that says "Toys" on it (if you tell them it is toys).  You fill in the price yourself.  When I sat down with TurboTax, I would further line item itemize it for my own records. (ctrl-I, if I recall -- brings up a little itemized list of descriptions and values and totals it up).

jwright

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Re: Donating physical objects to charity
« Reply #2 on: December 01, 2016, 08:43:06 AM »
Yes, you can get a deduction for charitable contribution for donating goods.  If under $500, you don't have to fill out the Form 8283 to give more information on the donation; however, as always, you should have documentation should the tax return ever get questioned. 

You need to get a receipt (so the unattended dropbox is not a way to get a deduction).  You need an itemized list of what you donated, and the deduction value is the fair market value.  For used items that means thrift store or garage sale value.   For new items, it can be the cost you paid and the receipt is your documentation. 

seattlecyclone

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Re: Donating physical objects to charity
« Reply #3 on: December 01, 2016, 04:53:09 PM »
You can deduct the "fair market value" of the item in its present condition. When I give stuff to Goodwill I generally write down the price that the store will sell similar items for.

Sibley

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Re: Donating physical objects to charity
« Reply #4 on: December 06, 2016, 01:09:34 PM »

Livingthedream55

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Re: Donating physical objects to charity
« Reply #5 on: December 14, 2016, 09:05:13 AM »
I believe for under $250 it's generally the honor system.

If you wanted "proof" for your records - perhaps snap a photo of toys and get a receipt from charity as others have suggested just to be super on top of everything. You could then print out an eBay example of the toys' value.

Also - local schools often have Silent Auctions and are looking for donated items. Just another venue to consider.

cheapass

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Re: Donating physical objects to charity
« Reply #6 on: December 14, 2016, 09:35:15 AM »
I took photos of my items donated and determined "fair market value" as either 30% of the new price, or goodwill has some guidelines - https://goodwillnne.org/donate/donation-value-guide/