Tax Savings Donation Calculator


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Non-Cash Donation Tips:

If your non-cash donations for the year exceed $500, you'll need to fill out IRS Form 8283, the Non-cash Charitable Contribution form, when you file your taxes.

Tips for Donating Your Non-Cash Items!

When making a non-cash donation such as clothing or household items, items must generally be in good condition. The IRS only allows you to claim a deduction on clothing and household items that are in "good or better" condition.

Vehicle donations are a little different than other non-cash donations. You can claim the fair market value of household items, but with a vehicle donation you have to claim the amount for which the vehicle actually sold. Basically, the IRS is only interested in the actual sale price of the vehicle, not its fair market value.

Donating good-quality items is a great way to support your favorite charity. Items that are in poor shape might not be as beneficial to the charity you're supporting.

Donations of stock or other non-cash property are usually valued at the fair market value of the property.

Take a photo of your non-cash items before you donate them. If the IRS were to challenge your valuation of your item, a photo is great evidence of your items' worth.

You cannot deduct contributions made to specific individuals, political organizations and candidates.

Oftentimes charities will have specific "wish lists" of items they need. Consider this before dropping off items they might not need at the moment.

Sources

Kiplinger
IRS
Charity Navigator
Market Watch
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