What is the maximum amount allowed for a single item to give to a charity? I saw that if something is over $5000 it requires an appraisal, but if it is a single item, do I need an appraisal if it is over $500? We donated a brand new King Mattress that we bought for $999 (plus tax), so I don't know if it will require me to get the new mattress appraised, if the receipt will work, or if I don't need any of it since it is under $5000.
Thoughts?
There is no maximum amount allowed for a single item given to charity.
No, you do not need an appraisal for the brand new King mattress because the donated value is under $5,000. However, you will need to fill out Form 8283 for a non-cash donation over $500.
Click here for instructions on entering your mattress donation in TurboTax: How to Enter Charitable Contributions in TurboTax.
You can also see this video link for more info - Deducting Charitable Contributions.
There is no maximum amount allowed for a single item given to charity.
No, you do not need an appraisal for the brand new King mattress because the donated value is under $5,000. However, you will need to fill out Form 8283 for a non-cash donation over $500.
Click here for instructions on entering your mattress donation in TurboTax: How to Enter Charitable Contributions in TurboTax.
You can also see this video link for more info - Deducting Charitable Contributions.