topic We donated 2 hearing aids to Starkey Hearing Foundation. How do we find the value of the aids so we can deduct as a donation? in Deductions & credits https://ttlc.intuit.com/community/tax-credits-deductions/discussion/we-donated-2-hearing-aids-to-starkey-hearing-foundation-how-do-we-find-the-value-of-the-aids-so-we/01/446718#M57047 <P>I have the bills for the two hearing aids when we purchased them.&nbsp; One was purchased in 2008 @ $2395.&nbsp; The other was purchased in July 2013 @$1800.&nbsp; We do have a letter from Starkey acknowledging our donation.&nbsp; Could I safely deduct $500 for each hearing aide?&nbsp; They say they can't possibly determine value for any donated aids.&nbsp; What are your suggestions?<BR /></P> Tue, 04 Jun 2019 22:41:54 GMT headleygd 2019-06-04T22:41:54Z We donated 2 hearing aids to Starkey Hearing Foundation. How do we find the value of the aids so we can deduct as a donation? https://ttlc.intuit.com/community/tax-credits-deductions/discussion/we-donated-2-hearing-aids-to-starkey-hearing-foundation-how-do-we-find-the-value-of-the-aids-so-we/01/446718#M57047 <P>I have the bills for the two hearing aids when we purchased them.&nbsp; One was purchased in 2008 @ $2395.&nbsp; The other was purchased in July 2013 @$1800.&nbsp; We do have a letter from Starkey acknowledging our donation.&nbsp; Could I safely deduct $500 for each hearing aide?&nbsp; They say they can't possibly determine value for any donated aids.&nbsp; What are your suggestions?<BR /></P> Tue, 04 Jun 2019 22:41:54 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/we-donated-2-hearing-aids-to-starkey-hearing-foundation-how-do-we-find-the-value-of-the-aids-so-we/01/446718#M57047 headleygd 2019-06-04T22:41:54Z For donations in kind, you can deduct the fair market val... https://ttlc.intuit.com/community/tax-credits-deductions/discussion/for-donations-in-kind-you-can-deduct-the-fair-market-val/01/446727#M57048 <P>For donations in kind, you can deduct the <U>fair market value of the items you donate</U>.</P><P>There are no strict rules for determining fair market value and the IRS has defined fair market value as:</P><DIV> <I>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.<BR /><BR /></I>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.<I><BR /><BR /></I>Please read this IRS document, particularly from page 10 for a discussion about fair market value:<I><BR /><A href="https://www.irs.gov/pub/irs-pdf/p526.pdf" rel="nofollow" target="_blank">https://www.irs.gov/pub/irs-pdf/p526.pdf</A><BR /></I> </DIV><BR /> Tue, 04 Jun 2019 22:41:55 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/for-donations-in-kind-you-can-deduct-the-fair-market-val/01/446727#M57048 MinhT 2019-06-04T22:41:55Z
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<P>I have the bills for the two hearing aids when we purchased them.&nbsp; One was purchased in 2008 @ $2395.&nbsp; The other was purchased in July 2013 @$1800.&nbsp; We do have a letter from Starkey acknowledging our donation.&nbsp; Could I safely deduct $500 for each hearing aide?&nbsp; They say they can't possibly determine value for any donated aids.&nbsp; What are your suggestions?<BR /></P>
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We donated 2 hearing aids to Starkey Hearing Foundation. How do we find the value of the aids so we can deduct as a donation?
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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/we-donated-2-hearing-aids-to-starkey-hearing-foundation-how-do-we-find-the-value-of-the-aids-so-we/01/446718#M57047
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<P>I have the bills for the two hearing aids when we purchased them.&nbsp; One was purchased in 2008 @ $2395.&nbsp; The other was purchased in July 2013 @$1800.&nbsp; We do have a letter from Starkey acknowledging our donation.&nbsp; Could I safely deduct $500 for each hearing aide?&nbsp; They say they can't possibly determine value for any donated aids.&nbsp; What are your suggestions?<BR /></P>
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For donations in kind, you can deduct the fair market val...
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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/for-donations-in-kind-you-can-deduct-the-fair-market-val/01/446727#M57048
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<P>For donations in kind, you can deduct the <U>fair market value of the items you donate</U>.</P><P>There are no strict rules for determining fair market value and the IRS has defined fair market value as:</P><DIV> <I>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.<BR /><BR /></I>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.<I><BR /><BR /></I>Please read this IRS document, particularly from page 10 for a discussion about fair market value:<I><BR /><A href="https://www.irs.gov/pub/irs-pdf/p526.pdf" rel="nofollow" target="_blank">https://www.irs.gov/pub/irs-pdf/p526.pdf</A><BR /></I> </DIV><BR />
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