I have 7 un-itemized receipts for $8000 in Goodwill donations throughout 2017. What is the best way to maximize my deduction now that I can't get itemized receipts?

KAM2 — Thu, 06 Jun 2019 15:26:15 GMT

I donated around $8000 in household goods in 2017. I kept a spreadsheet of items donated, the date and the fair-market value. I have seven receipts for these donations, which were spread throughout the year mostly at Goodwill. I do not have itemized receipts from the organizations as they don't provide them. It's also not possible to get them at this point. I heard I can deduct up to $500 per donation without needing an itemized receipt, which would mean I could deduct $3500. Is that true? Or do I need itemized receipts for each donation under $500 if the total for the year is over $500? I'm itemizing on my taxes. How do I maximize my deductions?

If you have 7 receipts from goodwill for the dates that y...

DS30 — Thu, 06 Jun 2019 15:26:17 GMT

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.

topic I have 7 un-itemized receipts for $8000 in Goodwill donations throughout 2017. What is the best way to maximize my deduction now that I can't get itemized receipts? in Deductions & credits

I have 7 un-itemized receipts for $8000 in Goodwill donations throughout 2017. What is the best way to maximize my deduction now that I can't get itemized receipts?

If you have 7 receipts from goodwill for the dates that y...