MinhT
Expert Alumni

Deductions & credits

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:

Fair market value is the price at which property would change hands between a willing buyer and a willing seller, neither having to buy or sell, and both having reasonable knowledge of all the relevant facts.

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:
https://www.irs.gov/pub/irs-pdf/p526.pdf

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