How to Value Donations of Used Items to Charity
- 1). Go to the charity's website. Many have charts that list the values of commonly donated items. Consider the current market value of the item, not the price you paid for it. Market values tend to change through time, so the item might not cost today what it did then.
- 2). Look at the condition of the item. If the item does not look brand new, some of the value must be deducted.
- 3). Check the prices of similar items at local secondhand shops or thrift stores. Value the items based on what you find.
- 4). Assign a lower value if you are not sure. The IRS has penalties for giving too much value to a donated item.
- 5). Ask for an itemized receipt. This will come in handy if you are audited.
