I have the bills for the two hearing aids when we purchased them. One was purchased in 2008 @ $2395. The other was purchased in July 2013 @$1800. We do have a letter from Starkey acknowledging our donation. Could I safely deduct $500 for each hearing aide? They say they can't possibly determine value for any donated aids. What are your suggestions?
For donations in kind, you can deduct the fair market value of the items you donate.
There are no strict rules for determining fair market value and the IRS has defined fair market value as:
You can make a reasonable estimate of your items taking into account their state of use at the time you donated them. Any reasonable estimate would not likely be contested by the IRS.
Please read this IRS document, particularly from page 10 for a discussion about fair market value:
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