How to place a value on your donation
Thank you for your donation. Your generosity is what helps Goodwill help more than 18,000 people in our community every year. Your donations change lives!
Everything accepted for donation is tax deductible. The IRS requires that the donor determine the value of the donation for tax purposes. The value is not the original purchase price but the estimated resale value or replacement cost in its current condition.
To help you determine those values, we have created a brochure that lists price ranges for most commonly donated items. Please keep in mind that this is merely a guideline. View or download our Guide to Donating brochure here.
The rules governing valuation, substantiation, record keeping and reporting can be quite complex. We suggest you download IRS Publication 526 and IRS Publication 561 from the IRS Website and/or consult a tax advisor.
Can Goodwill place a value on my non-cash charitable contribution for me?
No. The IRS requires the donor to assign values. Some acceptable methods are estimated resale value, replacement cost or qualified appraisal. Regardless of the method used, consideration should be given to the age, condition, quality, style and use of the donated articles.
What documentation should I obtain at the time of my donation?
When you make a donation, Goodwill of Western and Northern Connecticut will provide you with a receipt. It will note the date and location of the donation. It’s up to you to fill in the items donated and the value. In many cases, our donors request valuation assistance from a tax advisor at a later date, so item descriptions should be as specific as possible (particularly with respect to quality, age and condition).
I lost my donation receipt. Can Goodwill give me another copy?
Unfortunately, Goodwill cannot give duplicate copies of donation receipts. With the large volume of donations we take in we are simply unable to keep records. Please hold on to your receipts and file them in a secure place when you get home.
What forms will I have to file with my tax return?
If the total deduction for non-cash charitable contributions is $500 or less, you may claim the entire amount on Schedule A. If over $500, you will need to fill out the applicable sections of Form 8283 to support your Schedule A amount.
Does the new rule for substantiating single contributions of $250 or more apply to non-cash contributions as well?
Yes. Fortunately, Goodwill donation receipts meet all the additional documentation requirements.