How much goodwill donations can i deduct

Print this page Thank you. Your donation helps Goodwill program participants find and secure jobs. Share on Facebook Share on Twitter. Disclaimer: For informational purposes only. Patent Pending. Goodwill Southeast Georgia is a qualified c 3 charitable organization. If you itemize your deductions on your federal tax return, you are entitled to claim a deduction for your donations to Goodwill. Boats Except for inexpensive small boats, the valuation of boats should be based on an appraisal by a marine surveyor because physical condition is critical to the value.

Note: If the fair market value was more than you paid for the vehicle, you can only deduct the amount you paid or the fair market value at the time you purchased the vehicle. What do I need to deduct my donated items? Share article:. Charitable Donations , Tax Deductions. Get started today to get your maximum refund. July 7, January 21, January 8, To assess "fair market value" for your donations:. 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.

Publication That way you'll only be taxed on future appreciation. If you're donating tangible personal property, what the charity does with the item affects how much you can deduct. You'll also have to make sure the appraiser is a member of a recognized professional group or meets minimum education and experience guidelines.

If you don't, the IRS can disallow your deduction. Donating used goods such as clothing, linens, electronics, appliances and furniture gets you a write-off for the item's fair market value at the time you donated it, which may be considerably less than what you originally paid. On this form you have to. Congress has clamped down on donations of household goods to make sure folks aren't inflating the value of their used stuff.

When preparing your taxes with TurboTax, you can use ItsDeductible Online to help you value and track your donations. This free program gives guidance on prices for commonly donated items and is designed to transfer your donation information to your tax return. ItsDeductible is a built-in feature on TurboTax Deluxe and above.

There are, however, some situations where you're permitted to claim the car's estimated market value :. Don't overlook the volunteer work you perform, which may also generate a deduction. You can write off many out-of-pocket expenses you incur to do good work, such as costs for:. You can also deduct the cost of driving to and from your volunteer work, at a rate of 14 cents per mile in If you take public transportation, that bus or rail fare is deductible, too.

But here's the bad news: The value of services you provide as a volunteer don't merit a write-off. For instance, if you're a carpenter and you help a nonprofit group build a home for the poor, you can deduct travel costs and building supplies you buy, but not the value of the work you do.

That's not as hard-hearted as it may seem. If you were paid to do the work, you'd have to report the pay as income, which would drive up your tax bill. Remember, with TurboTax , we'll ask you simple questions about your life and help you fill out all the right tax forms.