Valuing donated items - Lifehacker
Valuing donated items
Did you know that the value of your donated items can be deducted from your taxes? Sound Money Tips has a quick tip that will help you determine the fair market value of your donated items, and possibly save you a bit of money.
According to the IRS, you can deduct the “fair market value” of items donated. Fair market value is defined as the price a buyer would be willing to pay for the items. The IRS suggests you look at prices at thrift stores, in classified ads, and on auction sites to determine appropriate dollar values.
Tip for valuing charitable donations [Sound Money Tips]"
Did you know that the value of your donated items can be deducted from your taxes? Sound Money Tips has a quick tip that will help you determine the fair market value of your donated items, and possibly save you a bit of money.
According to the IRS, you can deduct the “fair market value” of items donated. Fair market value is defined as the price a buyer would be willing to pay for the items. The IRS suggests you look at prices at thrift stores, in classified ads, and on auction sites to determine appropriate dollar values.
Tip for valuing charitable donations [Sound Money Tips]"
posted by Dave Bolin at 2:42 PM
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