IRS Guidelines
If you itemize deductions on your federal tax return, you may be entitled to claim a charitable deduction for your Goodwill donations. According to the Internal Revenue Service (IRS), a taxpayer can deduct the fair market value of clothing, household goods, used furniture, shoes, books, etc. Fair market value is the price a willing buyer would pay and value usually depends on the condition of the item.
Determining the Value of Donated Property
Defines "fair market value" and helps donors and appraisers determine the value of property given to qualified organizations. It also explains what kind of information you must have to support the charitable contribution deduction you claim on your return.
See Publication 561.
To help determine the fair market value of your donations, you should consult with a local tax-preparation service or certified public accountant. Additionally, there are several online tools and services available provided by various companies and organizations. Here is an example of a video and
link to TurboTax.
Charitable Contributions
Publication 526 explains which organizations are qualified to receive deductible charitable contributions, the types of contributions you can deduct, how much you can deduct, what records to keep and how to report contributions.
Donor's Responsibility
It is a donor's responsibility to assign values to donations. Values should be based on secondhand market values, not what the items cost when they were originally purchased. Visit irs.gov for more information.
Goodwill-Easter Seals Minnesota is a 501(c)(3) non-profit organization and has a Federal Tax ID: 41-0706171.