Donating - Do you put a value on your donations?

[misaver]

I was just curious....

If you donate items to a non-profit organization and receive a receipt how do you go about putting a value on the items.

I just donated several blood glucose monitors that I only paid the sales tax on. IMHO the value is definitely more than that, I wouldn't value them at the suggested retail, but thought it would be reasonable to give them a $10 - $20value.

Not sure what to do with this. We itemize deductions, which is why I'm asking, not an issue for 2008 but just thinking about this as far as documentation goes for this year.

I may just not even bother claiming it, but just wondering what others take on this was.

[lucyrevenge]

Hmmm....honestly I never get a receipt. I know I always think about it but I never do.

I don't pay for the items I donate so I guess I just see no reason to claim anything, but I agree they have some value if you did want to claim your donations.

I would say in that case, just claim the shelf price of the item.

I am interested to see what others think on this.

[CherryPicker]

I realize that you are asking a specific tax related question...however, to be honest...I don't take receipts at all for my donations, because it truly is my way of giving back. (I hope you get your answer though).

[misaver]

Yeah, I know that technically my tax advisor should and probably will have an 'official' answer for the question, but I was just curious how others on here deal with their donations.

Thanks for the response

[vagabond2]

With tax laws changing all the time I think you need to ask an accountant or look at the irs website. If I donate something new to Amvets or whatever, I note that on my list (which goes to my accountant) and how much its valued.

However, for most items I get with coupons I just put them in a box and donate them to church, woman's shelter etc. and I figure what goes around comes around.....

[FunnyFace]

The value I'd place on an item is what the current price before coupons, rebates or bucks, was at the time of purchase. We have never made enough to itemized, but if we did I would claim those deductions and this is why.

The less money paid in taxes the less the government gets the more the people get and the more those people can bless others. Even if it only increases your tax refund by $5 you can turn around and give that $5 to whom you so choose to help and they get that whole $5. You allow the government to have the $5 to distribute they may give it to a person or organization that is against your views or undeserving. Even if the government distributed the money to a cause you believed in only a proportion of the $5 and I'd venture to guess it would be a very small amount would be received.

There are more than enough taxes collected to provide our Nation's Security and protect Our Sovereignty which is about the only tax I want to pay. The rest is wasted on every Tom, Dick and Harry agenda. So I say claim away and don't give it a second thought.

[burgmommy]

"I just donated several blood glucose monitors that I only paid the sales tax on. IMHO the value is definitely more than that, I wouldn't value them at the suggested retail, but thought it would be reasonable to give them a $10 - $20value."



Curious what organization(s) will accept the monitors. I've seen them priced for next to nothing and have thought about picking them up to donate but didn't know where to take them. Any info would be helpful. thanks!

[misaver]

I donated them to a local homeless shelter. They are affiliated with a free clinic in the area and indicated the items would go there.

I knew of the place but had never donated to them so I called before taking them down just to be sure.

[CherryPicker]

Originally Posted by burgmommy

Curious what organization(s) will accept the monitors. I've seen them priced for next to nothing and have thought about picking them up to donate but didn't know where to take them. Any info would be helpful. thanks!

Please check with your local food pantry. The one I support is always very excited to get these as many of the clients they serve were having to choose between medical supplies or their food prior to going to them.

[bebecharmant]

The IRS allows you to claim the "fair market value". That is up to you to decide--but you would want to come up with a number that can be justified in the event of an audit. I use the sale price.

Originally Posted by misaver

I was just curious....

If you donate items to a non-profit organization and receive a receipt how do you go about putting a value on the items.

I just donated several blood glucose monitors that I only paid the sales tax on. IMHO the value is definitely more than that, I wouldn't value them at the suggested retail, but thought it would be reasonable to give them a $10 - $20value.

Not sure what to do with this. We itemize deductions, which is why I'm asking, not an issue for 2008 but just thinking about this as far as documentation goes for this year.

I may just not even bother claiming it, but just wondering what others take on this was.