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brudelwilk
New Member

How to determine the value of an electric lift chair for donation purposes

 
4 Replies
SweetieJean
Level 15

How to determine the value of an electric lift chair for donation purposes

Was it originally paid for by an insurance company or Medicare?
Real_Big_Guy
New Member

How to determine the value of an electric lift chair for donation purposes

I donate a lot of things each year. My suggestion is do some research like on ebay or other auction websites and see what a lift chair or similar item is being sold for. As the way the IRS looks at used items it is what the item is worth at the time you donate it. Something like a "fair market value". If you find something close to the item you are donating get picture of it off your computer (do "control C" to save it to the clipboard then open up a new "word" document and paste it) then take a picture of your chair you are donating to keep as record and store them with your tax return to give good evidence of your tax deduction. You have lots of ammo to defend your deduction. I do not think that who paid for it when you got it has any bearing on the donation value.

SweetieJean
Level 15

How to determine the value of an electric lift chair for donation purposes

If insurance paid for it, your basis is zero, so zero is the amount you can deduct.
Real_Big_Guy
New Member

How to determine the value of an electric lift chair for donation purposes

If we are using this reasoning then any item that has been given to you as a gift or was free cannot be deducted as a donation as there is no basis value.
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