How Do You Figure Fair Market Value Donations?
• Check online for the fair market value of clothing and household items. • Go to The Salvation Army website at Satruck.com or local thrift shops to determine the fair market value of clothing and household items. • Craiglist.com is another option for determining the valuation of household items like appliances and furniture. • Stop in local stores that sell used clothing and household items. • Consignment shops are a good resource for determining the value of higher priced clothing items, such as coats, business suits, dresses and evening gowns. • Visit thrift shops to determine the value of lower priced clothing and household items. • Get an appraisal for any clothing or household item valued at over $500, especially if it’s not in good condition. Complete Form 8283 and attach it to Form 1040 if the fair market value of non-cash donations exceeds $500. • Look up the average selling price for the vehicle’s model and year. Kelley Blue Book at KBB.com is one reputable source for cars. B
