Furniture Donation Value

For more information on how to take a deduction scroll to the bottom of this page for a how to video.

Furniture donation value. To determine the fair market value of an item not on this list below use this calculator or 30 of the item s original price. Additional information about contributions from the irs the amount of your deduction is limited to 50 of your adjusted gross income and may be limited to 30 or 20 of your adjusted gross income depending on the type of property you give and the type of organization you give it to. If your donation appears to be of little value you may be able to make a satisfactory valuation using reference materials available at a state city college or museum library. The irs does not allow you to set the value of your donation arbitrarily.

Furniture counts as tangible personal property so you also have to reduce the fair market value by any long term gains if the charity doesn t use the furniture itself. For example if you donate. The salvation army does not set a valuation on your donation. The donation value guide below helps you determine the approximate tax deductible value of some of the more commonly donated items.

Depending on your income that could save you as much as 35 in taxes for every 100 worth of items you donate. Most libraries have catalogs or other books that report the publisher s estimate of values. Our donation value guide displays prices ranging from good to like new. When you donate goods to the salvation army those items are then sold at our family stores.

For instance you can only deduct an item that is in good usable condition or better and you must use. And the proceeds are used to fund our adult rehabilitation centers where those struggling with drugs and alcohol find help hope and a second chance at life. Please choose a value within this range that reflects your item s relative age and quality. Not withstanding such documentation the irs can question the size of your donation and require more evidence supporting its value.

When you donate furniture to a charity or some other tax exempt organization you can deduct the full value of your donation from your taxable income as long as you itemize your deductions.