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Goodwill Donation

Goodwill-Easter Seals Minnesota provides a Donations Receipt as record of your donations for tax-related purposes.

 

IRS Guidelines
If you itemize deductions on your federal tax return, you may be entitled to claim a charitable deduction for your Goodwill donations. According to the Internal Revenue Service (IRS), a taxpayer can deduct the fair market value of clothing, household goods, used furniture, shoes, books and so forth. Fair market value is the price a willing buyer would pay for them. Value usually depends on the condition of the item.

 

Determining the Value of Donated Property
Defines "fair market value" and helps donors and appraisers determine the value of property given to qualified organizations. It also explains what kind of information you must have to support the charitable contribution deduction you claim on your return. See Publication 561 - https://www.irs.gov/pub/irs-pdf/p561.pdf.

To help determine the fair market value of your donations, you should consult with a local tax-preparation service or certified public accountant. Additionally, there are several online tools and services available provided by various companies and organizations. Here is an example of a video and link to TurboTax: https://turbotax.intuit.com/tax-tools/tax-tips/Taxes-101/Video--How-to-Estimate-the-Value-of-Clothing-for-IRS-Deductions/INF13870.html

 

Charitable Contributions
Explains which organizations are qualified to receive deductible charitable contributions, the types of contributions you can deduct, how much you can deduct, what records to keep, and how to report charitable contributions. See Publication 526 - https://www.irs.gov/pub/irs-pdf/p526.pdf.

 

IRS Links for Forms and Instructions — IRS Tax Forms


NOTE: It is a donor's responsibility to assign values to donations. Values should be based on secondhand market values, and not what the items cost when they were originally purchased. For more information, please visit irs.gov, specifically Publication 526.


Goodwill-Easter Seals Minnesota is a 501(c)(3) non-profit organization and has a Federal Tax ID: 41-0706171.