Guide to Fair Market Value & Tax Deductions for Donated Goods
Every year, Goodwill Omaha donors ask us about how to claim income tax deductions on what they have donated to us. Here are some of the guidelines we can offer.
If you have a Goodwill Card and would like to look up your donation records, please click here.
Assessing the Value of Your Donations
Federal law permits Goodwill donors to claim tax deductions for many financial contributions and for donated clothing and household goods that are in “good, used condition or better.” Because fair market value (FMV) is based on items in good condition and may vary from one region to another, Goodwill Omaha does not maintain guidelines for the estimated value of donated items. To assess FMV for your donations, we recommend consulting a local tax advisor, who should be familiar with FMVs in our region.
Goodwill provides receipts as validation for contributions on the day of the donation. The receipt serves as confirmation of your donation but does not include a dollar amount. (At this time, Goodwill Omaha does not retain copies of receipts. Donors will receive the original.)
If you are a Goodwill Card cardholder and present your card every time you donate, you may look up your donation records on our website. If you don’t yet have a Goodwill Card, ask for one the next time you donate or shop at a Goodwill Omaha location.
Goodwill Industries International’s Valuation Guide
The U.S. Internal Revenue Service (IRS) does not permit Goodwill to establish or confirm the value of donated goods. Rather, the IRS requires donors to value their items.
Goodwill Industries International has compiled a valuation guide with price ranges for items commonly sold in Goodwill stores. Assume the items are in good condition and remember — prices are only estimated values.
At Goodwill Omaha, we want people to give as much thought to where they donate their material items as they would to where they donate their hard-earned money. Be sure to give only to charities you know and trust, and which will make the most of their donations.
Where To Find Valuation Information
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Goodwill Industries recommends consulting with professional financial advisors when including material or monetary donations on your taxes.