Fair Market Value Donations


F

flosaeris

In doing a move purge, I gathered up a literal truck load of
computer equipment, peripherals, cell phones, etc, and
donated them. The range was from one monitor that was
probably toast, to things that were too much of a hassle to
sell because of minor repairs needed, to things that were
not the latest and greatest, but in great shape and working
perfectly fine. Like cell phones. Not the latest models like
camera phones, but last years model, and the proceeding two
years. A Sony Vaio laptop that had a bad board, and would
cost half of the machine to fix, but the LCD was in
beautiful shape.

The donation tag listed almost 70 things, and I am trying to
figure out how much to take for next years tax deduction on
them, and what the IRS requires to prove fair market value.

The place I donated was one of those that would fix anything
broken and give them to worthy causes.

Thank you.
Aeris
 
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W

Wayne Brasch

flosaeris said:
In doing a move purge, I gathered up a literal truck load of
computer equipment, peripherals, cell phones, etc, and
donated them. The range was from one monitor that was
probably toast, to things that were too much of a hassle to
sell because of minor repairs needed, to things that were
not the latest and greatest, but in great shape and working
perfectly fine. Like cell phones. Not the latest models like
camera phones, but last years model, and the proceeding two
years. A Sony Vaio laptop that had a bad board, and would
cost half of the machine to fix, but the LCD was in
beautiful shape.

The donation tag listed almost 70 things, and I am trying to
figure out how much to take for next years tax deduction on
them, and what the IRS requires to prove fair market value.

The place I donated was one of those that would fix anything
broken and give them to worthy causes.
In the first place, the place you gave those items to must
be a recognized charitable organization before you can
deduct anything. It sounds as if they may not be.

Wayne Brasch
 
H

Herb Smith

flosaeris said:
In doing a move purge, I gathered up a literal truck load of
computer equipment, peripherals, cell phones, etc, and
donated them. The range was from one monitor that was
probably toast, to things that were too much of a hassle to
sell because of minor repairs needed, to things that were
not the latest and greatest, but in great shape and working
perfectly fine. Like cell phones. Not the latest models like
camera phones, but last years model, and the proceeding two
years. A Sony Vaio laptop that had a bad board, and would
cost half of the machine to fix, but the LCD was in
beautiful shape.

The donation tag listed almost 70 things, and I am trying to
figure out how much to take for next years tax deduction on
them, and what the IRS requires to prove fair market value.

The place I donated was one of those that would fix anything
broken and give them to worthy causes.
Fair Market Value is what you could sell these items to a
willing buyer, usually yard sale or thrift shop prices. The
things you mention, even if in excellent condition,
depreciate rapidly and are rarely worth but a fraction of
the retail price when bought.
 
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R

Rick Merrill

flosaeris said:
In doing a move purge, I gathered up a literal truck load of
computer equipment, peripherals,
Some of those cost more for disposal fees than they are
worth.
cell phones,
Can be donated to a variety of organizations that give them
to women at risk to use for emergency calls.
etc, and
donated them. The range was from one monitor that was
probably toast,
Giving them that is No Gift!
to things that were too much of a hassle to
sell because of minor repairs needed, to things that were
not the latest and greatest, but in great shape and working
perfectly fine. Like cell phones. Not the latest models like
camera phones, but last years model, and the proceeding two
years. A Sony Vaio laptop that had a bad board, and would
cost half of the machine to fix, but the LCD was in
beautiful shape.

The donation tag listed almost 70 things, and I am trying to
figure out how much to take for next years tax deduction on
them, and what the IRS requires to prove fair market value.
If you can find the item advertized somewhere, that should
be sufficient. Check ebay.
 

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