Can I Get an Irs Tax Deduction for My Non Cash Charitable Donation?

The items donated must be deducted at fair market value. This would be the purchase price of the items donated minus their depreciation. The items must be donated to a qualified tax exempt organization in order to deduct the donation. You can usually deduct up to 30% of your adjusted gross income. Volunteer time at a nonprofit organization is not tax deductible.

Will I need proof of my donations?

If the items donated are less than $250.00 in value than you will be required to give a brief description and an estimate at what they were worth at the time they were donated. If the items were more than $250.00 than there must be written acknowledgement that the item was received as a donation.

If you have donated items totaling more than $500.00 than you will be required to fill out Form 8283. This form is available at many online tax software services such as TurboTax. If you have donates non cash property that is worth more than $5,000.00 than it may be necessary to have an appraisal done on the donations.

If you will be donating items such as clothing or household goods then it is always a smart idea to list the items that you will be donating and to give them an estimated depreciated value. Usually if you estimate the item between one quarter to one third of their original value, that should give you an approximate worth of the items.

To find Form 8283 to deduct your charitable contributions please
visit TurboTax Online. TurboTax is always free to use and there will only be a charge if you decide to complete your return through their services.