As we roll into the holiday season, it is not uncommon to empty out the closets and do some cleaning. Part of this process is often packing up bags and boxes for a Goodwill delivery. For taxpayers who choose to itemize their deductions, estimating the value of these non-cash charitable contributions can be a burdensome task. It is up to the taxpayer to determine the fair market value of items donated and create a record to use at tax filing time.
Summarizing Non Cash Charitable Deductions
There are a number of free online tools that can be used to summarize non-cash contributions, and likely provide a higher deduction. Using these while preparing your boxes for Goodwill will also remove the hassle from gathering the information during the tax filing season. Among others, TurboTax’s ItsDeductible Online is one free tracking software that values non-cash donations to charity using a combination of auction web sites, resale outlets, and thrift stores.
If you need help with summarizing your non-cash charitable contributions, contact us or call 513-241-8313.