Fair Market Value Donation Guide

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As you clean out your closet or reorganize your household, be sure to keep track of the items you give to charity. Tax law now requires that all household items given to a charity must be in good or better condition. Those questionable items you donated in previous years and claimed were worth a few dollars because they were in fair condition are no longer acceptable.

An easy method to track the value of your donated goods is to use one of the lists at the bottom of this page. You'll only need to (1) Tally the number of your items in each category, (2) multiply it by the suggested value for that category, and then (3) add everything together. The total will be your suggested Fair Market Value for your donation.

When you make the donation, be sure to get a receipt from the charity of your donated goods and staple your listing to the back of the receipt. The nonprofit probably won't put a dollar value on your receipt, but at least it will help you prove that you did indeed donate the property if the IRS asks. File your receipt and list with your personal tax records for the year.

You'll find the more commonly donated items in these lists (which also include tally marks):

Men's Clothing (PDF)    Women's Clothing (PDF)

Children's Clothing (PDF)     Household Items (PDF)

You'll find longer more detailed lists here:

Furniture & Appliances (PDF) or MS Word (DOC)

Clothing - All Types (PDF) or MS Word (DOC)

How much is you donation worth in tax savings? If you are in the 25% tax bracket and itemize deductions, then each $400 donation can save you $100 in taxes. Not too bad, eh?