What rules do you use for estimating the value of things you give to charity? The organizations we donate to ask us to estimate the value for tax purposes ourselves, rather than doing it for us. I know we obviously should not use the full price that we paid for the item. I am wondering if it is okay to value items at, for example, what we might get for them off Craigslist (sometimes say 1/3 to 1/2 or in rare cases even 2/3 what we paid, depending on the item and condition), or whether we should be valuing at more like what I'd use for a yard sale price of like 1/10th or lower. Does it matter? And is there a corresponding tax consequence for the recipient organization, such that if I declare the higher value on our taxes that organization realizes some proportionate tax or penalty? If so I should probably just estimate lower in order to further benefit the charity. Thanks!
posted by onlyconnect
on Oct 8, 2013 -
What do I get as a "sorry I can't come to your wedding even though I really wanted to!" gift for a couple whose wedding is vegan, dry, simple, on relatively short notice, and the invitations specified "no gifts, please"? [more inside]
posted by Mizu
on Sep 4, 2013 -
Suggestions for non-partisan charities that I can tell my siblings to donate to in lieu of a a Christmas present and advice on telling them I'll be doing the same for their presents? [more inside]
posted by otherwordlyglow
on Oct 27, 2011 -
I'm looking for a charity related to rebuilding New Orleans to donate to as a gift to someone that used to live there and was heartbroken by the hurricane aftermath. The Red Cross or United Way seem too big and non-specific. I'd like to give to something with a bit more direct impact on improving things there. Suggestions?
posted by mathowie
on Dec 23, 2005 -