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What do I put as a "Method used to determine value" for charity deductions if I'm using an itemized receipt?

We donated Household Items and have the total cost of the items, but I'm not sure what to put for the "Method Used to Determine Value". Should I put "No Entry" or "Present Value"?
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2 Replies
ThomasM125
Employee Tax Expert

What do I put as a "Method used to determine value" for charity deductions if I'm using an itemized receipt?

Present Value normally applies to an item that will appreciate in value over time, so that wouldn't normally apply to household goods.

 

You have a choice of methods used to determine value as follows:

  1. No entry
  2. Appraisal
  3. Average share price
  4. Catalog
  5. Capitalization of income
  6. Comparative sales
  7. Consignment shop value
  8. Present value
  9. Replacement cost new
  10. Reproduction cost less depreciation
  11. Thrift shop value

If you didn't use any of the methods listed, you would choose item 1 "No entry."

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What do I put as a "Method used to determine value" for charity deductions if I'm using an itemized receipt?

unless those household items are brand new and never used cost is inappropriate for donated value.  the IRS says to use fair market value which for used items is just a fraction of their original cost. 

here's a link to 1 guide for determining value if you need it. 

https://goodwillnne.org/donate/donation-value-guide/ 

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