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Author: 5000fingers Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121341  
Subject: Fair Market Value for donated goods Date: 6/24/2003 10:32 PM
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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?
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Author: japper Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 66028 of 121341
Subject: Re: Fair Market Value for donated goods Date: 6/24/2003 10:44 PM
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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

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Author: TMFDj111 Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 66029 of 121341
Subject: Re: Fair Market Value for donated goods Date: 6/24/2003 10:57 PM
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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.pdf

The 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?openDocument

You may find this thread helpful:
http://boards.fool.com/Message.asp?mid=19127332&sort=whole

David Jacobs
TMFDj111

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