If you have 7 receipts from goodwill for the dates that you made the donations, then just use the FMV and item list that you inputted on your spreadsheet as the charitable amounts and items donated related to each receipt (regardless that the Goodwill receipt is not itemized). The goodwill receipts represents your receipt to the charity so you will be able to claim all amounts donated (as long as the total amount for one receipt is not over $5,000 (which requires an appraisal).
The $500 limit refers to not getting a receipt from the charity itself but the receipt cards that Goodwill hands out when you drop something off is actually your receipt from the charity.
For FMV -
The IRS states that
determining the value of donated property would be a simple matter if you could
rely only on fixed formulas, rules, or methods. Usually it is not that simple.
Using such formulas, etc., seldom results in an acceptable determination of
fair market value (FMV). There is no single formula that always applies
when determining the value of property. This is not to say that a valuation is
only guesswork. You must consider all the facts and circumstances connected
with the property, such as its desirability, use, and scarcity.
Since FMV means the
value of the sale if you had sold it to a willing buyer who was under
no obligation to buy, if you have
documentation that can substantiate your valuing of the donated items, you can
use the FMV that you feel is most appropriate. Usually, the safest
way to determine the FMV is to stay conservative and use the lowest FMV but you
could also use an average of various fair market valuations if there are
various outlets for the sale of the inventory. Just remember to keep a record of how you determined this FMV in case the
IRS inquiries about this donation.
Please click this
link IRS
- donations FMV for more information on charitable donations and
valuing your donations.
