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headleygd
New Member

We donated 2 hearing aids to Starkey Hearing Foundation. How do we find the value of the aids so we can deduct as a donation?

I have the bills for the two hearing aids when we purchased them.  One was purchased in 2008 @ $2395.  The other was purchased in July 2013 @$1800.  We do have a letter from Starkey acknowledging our donation.  Could I safely deduct $500 for each hearing aide?  They say they can't possibly determine value for any donated aids.  What are your suggestions?

1 Best answer

Accepted Solutions
MinhT
Expert Alumni

We donated 2 hearing aids to Starkey Hearing Foundation. How do we find the value of the aids so we can deduct as a donation?

For donations in kind, you can deduct the fair market value of the items you donate.

There are no strict rules for determining fair market value and the IRS has defined fair market value as:

Fair market value is the price at which property would change hands between a willing buyer and a willing seller, neither having to buy or sell, and both having reasonable knowledge of all the relevant facts.

You can make a reasonable estimate of your items taking into account their state of use at the time you donated them. Any reasonable estimate would not likely be contested by the IRS.

Please read this IRS document, particularly from page 10 for a discussion about fair market value:
https://www.irs.gov/pub/irs-pdf/p526.pdf

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1 Reply
MinhT
Expert Alumni

We donated 2 hearing aids to Starkey Hearing Foundation. How do we find the value of the aids so we can deduct as a donation?

For donations in kind, you can deduct the fair market value of the items you donate.

There are no strict rules for determining fair market value and the IRS has defined fair market value as:

Fair market value is the price at which property would change hands between a willing buyer and a willing seller, neither having to buy or sell, and both having reasonable knowledge of all the relevant facts.

You can make a reasonable estimate of your items taking into account their state of use at the time you donated them. Any reasonable estimate would not likely be contested by the IRS.

Please read this IRS document, particularly from page 10 for a discussion about fair market value:
https://www.irs.gov/pub/irs-pdf/p526.pdf

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

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