If you itemize deductions on your federal tax return, you are entitled to claim a charitable deduction for your Goodwill donations.
Financial Donation: If you donate financially, be sure to keep your acknowledgement letter from Goodwillfor tax purposes.
Goods Donation: Because market values are based on items in good condition and may vary from one region to another, Goodwill Industries does not maintain national guidelines for the estimated value of donated items. To assess "fair market value" for your donations:
- Consult a local tax advisor who should be familiar with market values in your region.
- Contact a Goodwill store and price similar items.
- Review the following tax guides available from the Internal Revenue Service.
Determining the Fair Market Value of Property
Defines "fair market value" and helps donors and appraisers determine the value of property given to qualified organizations. (Publication 561)
As a convenience to our donors, we have gathered several other sites that may assist you in valuing your donations for tax purposes. Goodwill doesn't endorse accuracy nor appropriateness of the valuations listed. Please consult with your tax advisor for actual deductibility of your donation.
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. (Publication 526)
Non-cash Charitable Contributions
Applies to deduction claims totaling more than $500 for all contributed items. (Form 8283)
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