If you have donated something to a charity, you have to determine its value. It affects how much in taxes you will save. Considering, that flea market prices are too low, it’s not advisable to estimate the value of donated things basing on what they might sell on a garage sale.
For your convenience, use the Salvation Army valuation guide. Salvation Army offers a printed form, that lists values of 138 items, mostly clothing as either Low or High. Thus, you may estimate the average price for the thing listed in the document.
Take into consideration the fact, that all thing must be in good condition. New or expensive items would be estimated higher and damaged items will get a lower price. Note, the list is only for your guidance. There is a range of criterias for calculating the price such as:
How to get the salvation army valuation guide form?
Find a PDF template on the website. Easily edit and customize it to fit your needs. You may erase any content from a document if needed and highlight the important information.
Notice: If you use the Salvation Army valuation guide, you would probably estimate a fair market value and deduct that as a charitable contribution on the IRS Schedule A Itemized Deduction form. However, if you used a donated thing for your business, you must subtract from this fair market value the amount of any deduction you claimed on it for your business.
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