Donations given to Goodwill Industries are best determined by looking up the value in the donation valuation guide posted on the Goodwill website. Once the value of accumulated donations is calculated by a person throughout the year, that value can then be provided to the IRS during tax season.Continue Reading
The Goodwill donation valuation guide is arranged by donation category. The categories listed include clothing and accessories, household goods and miscellaneous items. Each category is further separated into subcategories such as books and multimedia, furniture and suits. Under each subcategory, more specific items are listed, such as DVDs, books and multimedia, sofas and two-piece suits. Each specific item is given a valuation range from which to choose. For clothing items, specific clothing types are also valued according to whether they are for men, women or children.
To aid in keeping track of donation valuations made throughout the tax year, Goodwill is partners with CharityDonations.com, a paid membership site that uses eBay to provide users with an accurate valuation of individual items. If using this site, there is no need to guess at valuations using the Goodwill donation valuation, thereby preventing members from underestimating the values for tax purposes. The CharityDonations.com website claims that their method has successfully faced IRS audits.Learn more about Business & Finance