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  • Bankrate Donation Valuation Worksheet

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Donation Valuation Worksheet: Men's Clothing This worksheet will help you track your noncash charitable gifts so you can report them accurately -- and get the proper deduction -- at tax-filing time.

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The tax laws say that you can deduct charitable contributions worth up to 60% of your AGI.

After you've gotten all your records, report the value of your donation on line 17 of Schedule A. If the value of your donated books is $500 or less, that's all you have to do. However, if you donated more than $500 worth of books, you have to also complete Form 8283.

According to the Internal Revenue Service (IRS), a taxpayer can deduct the fair market value of clothing, household goods, used furniture, shoes, books and so forth. Fair market value is the price a willing buyer would pay for them. Value usually depends on the condition of the item.

Valuing Non-Cash DonationsDonations of items like clothing, cars, or household goods are assessed at the fair market value, or FMV. This is about how much you could get if you sold the items directly to a willing seller.

the item's cost or selling price. sales of comparable items. the item's replacement cost, and. an expert opinion.

The tax laws say that you can deduct charitable contributions worth up to 60% of your AGI.

You can request a Statement of Value from the IRS if you're donating anything that's extremely valuable worth $50,000 or more but it will cost you $6,500 for one to three items and $300 each for every item over three.

To determine the fair market value of an item not on this list, use 30% of the item's original price.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232