Tax Deduction Information
Deducting Your Donation
- Only taxpayers who itemize (use the long form) can deduct charitable donations.
- Save all of your paperwork.
- Always consult a tax accountant if you have questions about your claim.
Retail Donations
- For donated items worth less than $500, you are expected to provide the "fair market value" of the items when filing your tax return. The "fair market value" of a donated item can
vary greatly. If you bought a new shirt for $40 a decade ago, then donated it to a charity that resold it for $3.99, then its "fair market value" is $3.99, not $40.
Visit Goodwill Industries International's valuation guide for estimated values of commonly donated items.
- When filling out your donation receipt, please try to include as much information as possible about the type and quantity of your donated items. Trying to claim $400 for "one bag of
clothes" is a red flag to auditors.
- If you believe your donation is worth more than $500, you must submit an IRS Form 8283 with your tax
filing. The IRS will also require a professional appraisal for these items. The cost of the appraisal may also be deductible as a miscellaneous expense.
Goodwill Industries of Southwest Florida, Inc.'s registration # is CH1930. A COPY OF THE OFFICIAL REGISTRATION AND FINANCIAL INFORMATION MAY BE OBTAINED FROM THE DIVISION OF CONSUMER
SERVICES BY CALLING TOLL-FREE 1-800-435-7352 WITHIN THE STATE OF FL.REGISTRATION DOES NOT IMPLY ENDORSEMENT, APPROVAL, OR RECOMMENDATION BY THE STATE. PLEASE VISIT www.800helpfla.com FOR OFFICIAL REGISTRATION INFORMATION AND ADDITIONAL INFORMATION.
