Is there a website or a publication that can help determine fair market value for used items? Should I just make my best guess (erring, of course, on my side, ahem....)? How do I know I'm not putting down an amount that is too high or too low?
5000,There is a software program you can buy called It's Deductible that is pretty good. If I recall correctly, they also have some sort of guarantee with their pricing of items in the event of IRS eyebrow raising.There is also something put out by Goodwill that I have heard of, but do not know much else.Jenn
Is there a website or a publication that can help determine fair market value for used items?You may want to review IRS Pub 561, Determining the Value of Donated Property. You can get a copy from this link:http://www.irs.gov/pub/irs-pdf/p561.pdfThe major tax preparation software packages all seem to have either a built-in module or an add-on module (for additional cost) that addresses this need. If you used a software package last year, you may want to see what tools that package offers you.One of my friends likes It's Deductible (costs $29.95). You can get more information from this link:http://www.itsdeductible.com/The major groups accepting donations of used goods usually keep a schedule of the range of retail prices for those goods someplace. The hard part is finding that schedule. For example, the Salvation Army's schedule is here:http://www1.salvationarmy.org/www_ihq.nsf/vw_feature/F67809E7451AA92E80256C84002DFBDE?openDocumentYou may find this thread helpful:http://boards.fool.com/Message.asp?mid=19127332&sort=wholeDavid JacobsTMFDj111
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