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Donations Other Than Cash
Enclosed
please find a guidesheet (based on "Goodwill/ Salvation Army-type
estimates") as to the approximate fair market value of various items
you may have donated to charities. It lists a relatively
conservative high and low dollar amount you may wish to use as a
2000 guide for taking an itemized deduction under the charitable
donations section.
What exactly
is "Fair Market Value?" In effect, it is the re-sale value of the
item, or what a given buyer would pay for the item in its given
state. This value is based on such issues as its physical
condition, its age, and if it has any antique value.
Thus, the
difference between the high and low fair market value figures
represents the difference in condition of the item donated:
Items that are in good to excellent condition
may qualify for the higher figure
while those in fair to
poor condition would list at the lower figure.
These
donations can add up to a significant itemized deduction, so you
should keep this as a handy reference for current and future
donations.
IRS
Recordkeeping Requirements
In the event
of an audit, the IRS can require various types of proof in order for
you to qualify for this type of donation. According to IRS
Publication 526, you should be prepared to provide the following:
A detailed list of the items donated, and their
condition.
Name and address of organization to which you made
the donation.
Proof of receipt of the items from the charitable
organization.
Usually, you
provide a list of all items when you make the donation, and the
organization will stamp and date this list so you can use it for
your tax return.
Any single
item you are donating that has a fair market value of $500 or more
requires further detail. You must also state how the item was
acquired(bought, inherited, etc.), when it was acquired, how much it
originally cost, and the method you used to determine fair market
value. Any item with a claimed value of more than $5,000 requires an
appraisal that the IRS would deem acceptable.
A
Tip To Reduce Your Chance Of An Audit In This Area
If you will
be claiming significant deductions for donations other than cash, a
copy of the detailed list of items, along with proof of receipt from
the charity can go a long way toward heading off an IRS inquiry
here, along with any required appraisals. The list does not have to
be typed or computerized. A legible, handwritten, itemized list
will do nicely.
2000 GUIDELINES
LADIES CLOTHING LOW HIGH
FURNITURE LOW HIGH
Blouse 2.50
7.50 Air Conditioner
20.00 45.00
Bathrobes 2.50
9.50 Bed Complete (dbl) 50.00
145.00
Boots
2.00 4.50
Bed Complete (sgl) 35.00
85.00
Bras 1.00
3.00 Bicycles
15.00 45.00
Bathing Suits 4.00
7.50 Chest
25.00 45.00
Coats 10.00 17.00
Clothes Closet 15.00
35.00
Dresses 4.00
15.00 China Cabinet
85.00 150.00
Evening Dresses 10.00 55.00
Convertible Sofa 85.00
150.00
Fur
Hats 7.00 12.00
Crib w/ mattress 25.00
75.00
Fur
Coats 25.00 70.00
Carriage
5.00 100.00
Foundation Garment 3.00 8.00
Coffee Table 15.00
45.00
Handbags 2.00 10.00
Dresser w/ mirror 20.00
85.00
Hats 1.00
5.00 Desk
25.00 125.00
Jackets 4.00
8.00 Dryer
45.00 85.00
Nightgowns 4.00 8.50
End Tables (2) 10.00
25.00
Pants
Suit 6.50 10.00
Floor Lamps 7.50
25.00
Socks 0.40
1.25 Folding Beds
20.00 45.00
Suits 6.00
30.00 Gas Stove
50.00 125.00
Shoes 2.00
5.00 Heaters
7.50 22.50
Skirts 3.00
7.00 High Chair
10.00 35.00
Sweaters 3.50
2.50 Hi Riser
35.00 60.00
Slips 1.00
4.50 Kitchen Chair
2.50 7.00
Slacks 3.50
7.50 Kitchen Cabinets
25.00 75.00
Mattress (dbl) 20.00 50.00
Mattress (sgl) 15.00 35.00
MENS CLOTHING LOW HIGH
Play Pen
7.50 20.00
Rugs 20.00 75.00
Jackets 7.50
15.00 Refrig. (working)
35.00 125.00
Over
Coats 15.00 40.00
Radio
7.50 50.00
Pajamas 2.00
2.50 Sewing Machine
15.00 75.00
Pants-Shorts 3.50
6.50 Studio Couch
35.00 85.00
Raincoats 5.00
12.00 Secretary
50.00 125.00
Suits 15.00
45.00 Sofa
35.00 85.00
Slacks 5.00
10.50 TV (B/W working)
25.00 60.00
Shirts 2.50
10.50 TV (color working)
75.00 225.00
Sweaters 2.50
8.50 Trunk
5.00 22.50
Shoes 3.50
10.50 Typewriter
7.50 22.50
Swim
Trunks 2.50
5.50 Upholstered Chair
25.00 55.00
Tuxedo 10.00
35.00 Vacuum (working)
10.00 35.00
Under
Shirts 1.00
2.50 Washing Machine 35.00
125.00
Under
Shorts 1.00 3.50
Wardrobe 20.00
60.00
CHILDRENS CLOTHING LOW HIGH
DRY
GOODS LOW HIGH
Blouses 2.00
6.00 Blankets
2.50 6.50
Boots 3.00
10.50 Bed Spreads
3.00 12.00
Coats 4.50
12.50 Chair Covers
15.00 3.50
Dresses 3.50
10.50
Curtains 1.50 4.50
Jackets 3.00
18.00 Drapes
6.50 15.50
Jeans 3.50
8.50 Pillows
2.00 6.00
Pants 2.50
8.50 Sheets
2.00 5.50
Snow
Suits 4.00 8.50
Throw Rugs
1.50 4.50
Shoes 2.50
8.75 Towels
0.50 2.50
Skirts 1.50
4.50
Sweaters 2.50
6.00 COMPLETE
SETS LOW HIGH
Slacks 2.00
6.00
Shirts 2.00
4.50 Bedroom Set
250.00 800.00
Socks
0.50 1.50
Dining Room Set 150.00
650.00
Underwear 1.00
3.50 Kitchen Set
35.00 125.00
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