Donated items, clothing, small items - under $500

This is a concern for a LOT of people. PLEASE check me out that this is correct.

We aren't donating houses, a Rembrandt painting or gold. We just donated clothing, household items, building materials, etc.

Give in groups with a group value of less than $500. Keep an itemized list of all items, use an online Goodwill Industries list for a fair value of the items. You can make multiple donations but keep it under $500 per donation and you won't have to fill out an extra form with your IRS taxes. Under $500 should keep you from having to fill out Fair Market Value questions.

I feel the majority of people will fit in this under $500 donations area.

Rules change if you get over $500.

 

I hope this is verified and that it helps!