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The IRS suggests using the fair market value (FMV) to value donated items and provides detailed guidance in its Publication 561, Determining the Value of Donated Property. You can use free online resources or software tools to ascertain these values.
Many charities, such as the Salvation Army and Goodwill, publish free online donation value guides with estimated price ranges for common goods. I have linked them for you to check out.
You can also research recent selling prices for similar items on online auction sites like eBay, FB Marketplace, etc. to estimate the FMV yourself.
What happened to the part of your software I have been using for years? I think it was called "It's Deductible" or something like that. I can't seem to find it in the desktop version I just paid for and downloaded.
This article will help you download any data you had in ItsDeductible (if used previously or during the year before it was shut down in October).
There will be a new tool that will help calculate the Fair Market Value (FMV) of the donated items. However, no information on when it is going to be available yet.
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