I have a $1200 mountain bike that I would like to donate. The value on an adult bicycle on 'its deductable' is only $28.00. Is that really all I can deduct for the bike

[SweetieJean]

Donate it to a charity? Would they then sell it?

[granolaeeter]

They either sell them and/or allow people to 'earn' the bike by helping repair and refurbish other donated bikes.

[Critter]

It's deductible values are not set in stone ... if you believe the price is wrong then set your own.

[SweetieJean]

But be prepared to substantiate it.

[pk]

get an estimate of value from a knowledgable donee and then keeps the docs  for substantiation ( if so required).

[SweetieJean]

and be sure that the donee for your bike is an IRS-recognized charity.

[Opus 17]

ItsDeductible uses "generic" values.  You can claim any value that you can support with documentation.  You are looking for the fair market value, what someone would pay for the same item in similar (used) condition.  Craigslist, ebay, etc.  Or a notarized letter from a bike shop maybe.  You should get a receipt for the donation that specifically lists the item and condition, model number, brand name, etc. and is signed by the charity.  (Or bring them a printed description with photo and have them sign it.)  The charity will usually not attest to a value, you provide that separately. But if you are audited, you don't really want a generic receipt that says "bike".  You want something specific to document you donated this particularly noteworthy or valuable model.  Then you can enter a custom item with custom value in ItsDeductible.