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How Do Tax Deductions Work When Donating a Car? TurboTax Tax Tips & Videos

#how to get a donated car

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How Do Tax Deductions Work When Donating a Car?

Donating your car to charity can result in significant tax savings if you include it in your charitable contribution deduction. However, doing a little planning will ensure that you maximize the tax savings of your donation. The Internal Revenue Service (IRS) requires you to calculate your deduction in one of two ways, depending on how the charity uses your donation. Deductions for cars the charity sells are limited to the sales price. In all other cases, you can use the car’s fair market value.

Step 1: Find out how much the charity sold the car for

Use the price the charity obtains for your car in a sale as the amount of your deduction. For example, if the charity sells the car at auction for $3,000, your deduction is limited to $3,000, even if the fair market value is $4,500. However, if the charity sells the car at a discount to a needy individual or keeps the car for its own internal use, then you can claim a deduction for its fair market value.

Step 2: Determine the car s fair market value

The IRS suggests that you use a reputable used-car price guide to calculate your deduction when using fair market value. For example, go to your local library and obtain a recent copy of the Kelley Blue Book. Search the private party prices for your vehicle based on its make, model and overall condition. This type of search can be done on the Internet as well.

Step 3: Claiming the deduction

Report the amount of your deduction on line 17 of Schedule A. Since you can only claim a deduction for your car donation if you itemize, the total of all your eligible expenses on Schedule A must exceed the standard deduction amount for your filing status.

If you use TurboTax to prepare your taxes, we ll help you determine which filing status will get you the biggest tax savings.

Step 4: Additional forms you ll need

Complete Form 8283 if your car donation deduction is more than $500. If your deduction is between $501 and $5,000, you must complete Section A. If your deduction is greater than $5,000, you must complete Section B. If you complete Section B, you must also obtain a written appraisal as documentation.

Again, if you use TurboTax, we ll ask simple questions and fill in all the right forms for you.

  • If the charity sells your car sells for $500 or less, you can deduct $500 or your car s fair market value, whichever is less. For example, if your car is valued at $650 but sells for $350, you can deduct $500.
  • Most charities will report the sales price of your car to you on Form 1098-C.
  • You must have documentation of your donation. At a minimum, the documentation you receive from the charity must include your name, the vehicle identification number, the date of your donation and a statement describing the goods and services you received, if any.

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The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. Before taking any action, you should always seek the assistance of a professional who knows your particular situation for advice on taxes, your investments, the law, or any other business and professional matters that affect you and/or your business.

* Important Offer Details and Disclosures

  • Filing Deadline: IRS filing deadline for tax year 2015 is April 18, 2016 (except for residents of Massachusetts or Maine, where the IRS filing deadline for tax year 2015 is April 19, 2016).
  • Try for Free/Pay When You File: TurboTax online and mobile pricing is based on your tax situation and varies by product. Free 1040EZ/A + Free State offer only available with TurboTax Federal Free Edition; Offer may change or end at any time without notice. Actual prices are determined at the time of print or e-file and are subject to change without notice. Savings and price comparisons based on anticipated price increase expected 3/18/16. Special discount offers may not be valid for mobile in-app purchases.
  • TurboTax CD/Download products: Price includes tax preparation and printing of federal tax returns and free federal e-file of up to 5 federal tax returns. Additional fees apply for efiling state returns. E-file fees do not apply to New York state returns. Savings and price comparison based on anticipated price increase expected 3/18/16. Prices subject to change without notice.
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Video: How to Estimate the Value of Clothing for IRS Deductions – TurboTax Tax

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Video: How to Estimate the Value of Clothing for IRS Deductions

The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. Before taking any action, you should always seek the assistance of a professional who knows your particular situation for advice on taxes, your investments, the law, or any other business and professional matters that affect you and/or your business.

* Important Offer Details and Disclosures

  • Filing Deadline: IRS filing deadline for tax year 2015 is April 18, 2016 (except for residents of Massachusetts or Maine, where the IRS filing deadline for tax year 2015 is April 19, 2016).
  • Try for Free/Pay When You File: TurboTax online and mobile pricing is based on your tax situation and varies by product. Free 1040EZ/A + Free State offer only available with TurboTax Federal Free Edition; Offer may change or end at any time without notice. Actual prices are determined at the time of print or e-file and are subject to change without notice. Savings and price comparisons based on anticipated price increase expected 3/18/16. Special discount offers may not be valid for mobile in-app purchases.
  • TurboTax CD/Download products: Price includes tax preparation and printing of federal tax returns and free federal e-file of up to 5 federal tax returns. Additional fees apply for efiling state returns. E-file fees do not apply to New York state returns. Savings and price comparison based on anticipated price increase expected 3/18/16. Prices subject to change without notice.
  • Anytime, anywhere: Internet access required; standard message and data rates apply to download and use mobile app.
  • Fastest refund possible: Fastest tax refund with efile and direct deposit; tax refund timeframes will vary.
  • Pay for TurboTax out of your federal refund: A $X.XX Refund Processing Service fee applies to this payment method. Prices are subject to change without notice. This benefit is available with TurboTax Federal products except the TurboTax Home Business/QuickBooks Self-Employed bundle offers.
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  • About our credentialed tax experts: Live tax advice service is available via phone for your toughest tax questions; fees may apply. Service, experience levels, hours of operation and availability vary, and are subject to restriction and change without notice. Not available for TurboTax Business customers.
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Eight Tips for Deducting Charitable Contributions #private #sperm #donation


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Eight Tips for Deducting Charitable Contributions

IRS Tax Tip 2011-57, March 22, 2011

Charitable contributions made to qualified organizations may help lower your tax bill. The IRS has put together the following eight tips to help ensure your contributions pay off on your tax return.

1. If your goal is a legitimate tax deduction, then you must be giving to a qualified organization. Also, you cannot deduct contributions made to specific individuals, political organizations and candidates. See IRS Publication 526, Charitable Contributions, for rules on what constitutes a qualified organization.

2. To deduct a charitable contribution, you must file Form 1040 and itemize deductions on Schedule A.

3. If you receive a benefit because of your contribution such as merchandise, tickets to a ball game or other goods and services, then you can deduct only the amount that exceeds the fair market value of the benefit received.

4. Donations of stock or other non-cash property are usually valued at the fair market value of the property. Clothing and household items must generally be in good used condition or better to be deductible. Special rules apply to vehicle donations.

5. Fair market value is generally 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.

6. Regardless of the amount, to deduct a contribution of cash, check, or other monetary gift, you must maintain a bank record, payroll deduction records or a written communication from the organization containing the name of the organization, the date of the contribution and amount of the contribution. For text message donations, a telephone bill will meet the record-keeping requirement if it shows the name of the receiving organization, the date of the contribution, and the amount given.

7. To claim a deduction for contributions of cash or property equaling $250 or more you must have a bank record, payroll deduction records or a written acknowledgment from the qualified organization showing the amount of the cash and a description of any property contributed, and whether the organization provided any goods or services in exchange for the gift. One document may satisfy both the written communication requirement for monetary gifts and the written acknowledgement requirement for all contributions of $250 or more. If your total deduction for all noncash contributions for the year is over $500, you must complete and attach IRS Form 8283, Noncash Charitable Contributions, to your return.

8. Taxpayers donating an item or a group of similar items valued at more than $5,000 must also complete Section B of Form 8283, which generally requires an appraisal by a qualified appraiser.

For more information on charitable contributions, refer to Form 8283 and its instructions, as well as Publication 526, Charitable Contributions. For information on determining value, refer to Publication 561, Determining the Value of Donated Property. These forms and publications are available at http://www.irs.gov or by calling 800-TAX-FORM (800-829-3676).

Search for Charities or download Publication 78, Cumulative List of Organizations

Publication 526, Charitable Contributions (PDF 178K)

Publication 561, Determining the Value of Donated Property (PDF 101K)

Form 1040, U.S. Individual Income Tax Return (PDF 176K)


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8 Tips to Design a Charity Website #donate #piano


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8 Tips to Design a Charity Website

A lot of charities rely on voluntary funding. This funding is carefully distributed and there are often more important things ahead of a generous budget for the website.

So how does a charity get the most out of its website? It needs to let users find out information about the charity, but the main objective of the site is to get people involved with the charity. usually resulting in the user donating money .

In this article, we look at 8 principles that you should follow when creating a charity website.

What makes a good charity website?

1. A mission

A quick tagline to sum up what the charity (or charitable event) is about.

2. How sponsors will be helping

Let your users know what you do with their money once they sponsor. They ll want to know how they re making a difference to someone s life.

3. Photos of people the sponsors will be helping

Help users identify and visualize the people they ll be helping.

4. Donate button

The donate button is most likely the most important asset of a charity website so it should be prominent and obvious. This is the ultimate end goal for users.

5. Donations to date

If the website is for a specific charitable event, show how much the charity s raised to date. Current sponsors get to see how useful they ve been while possible sponsors can see that there are other people already helping and the campaign is active.

6. A funding goal

If applicable, share your goal. Having a target gives people something to aim for.

7. Keep in touch

Sponsors will want you to keep in touch as they now have a vested interested, so make sure they can. Let people sign up and send them an occasional newsletter about what the charity is up to. This will also be helpful when it comes to looking for future donations.

8. How can people help

Donating money is the obvious way people can help, but make it clear they can help in other ways. Suggest fundraising ideas and advise how users can help promote the website and charity via other social networking sites.

Showcase of excellent charity websites

The Worldwide Blogger Bake Off

Action for Children

Save the Children

Bill Melinda Gates Foundation

World Concern

Fifty Thousand Shirts

Cards from Africa

Change

Stop Child Labour

Sahayata

Miracles in Africa

Take the Walk

Wiser

Here s Life Mission Africa

Operation Warm

Manna Food Bank

Global Oneness Project

Red Nose Day

Children s Rights

Sponsor Lee

Written exclusively for WDD by Lee Munroe, a freelance web designer and blogger. You can find more of his writing at his blog or follow Lee on Twitter.

What do you feel makes up a good charity website and can you recommend any? Please share your comments below

By WebdesignerDepot Staff


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5 Tips to Get Donations on Nonprofit and Charity Websites #vietnam #veterans #of #america

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5 Tips to Get Donations on Nonprofit and Charity Websites

Summary: To encourage donations, focus on answering potential-donors’ top questions and streamlining the donation process.

Our usability tests of nonprofit and charity websites show that people have high expectations of nonprofit and charity websites — which some sites don’t meet. Users have specific questions. and if sites do not address these questions, they have little desire or motivation to find the answers. Once users decide to donate, a clear call to action and a simplified donation process keeps them on the right track.

To get donations, follow these 5 guidelines:

1. Clearly Explain What the Organization Does

Our studies tell us that the most important pieces of information that people need to know about a charity or nonprofit before they make a donation are the type of work that the organization does and how that work is done .

In our studies, we found that many sites did not clearly communicate this vital information or made it too hard for users to access. On average, it took users about 6 minutes to locate information about the organization’s purpose, which was far too long. A task time of 1 minute for this crucial task would be a more reasonable goal, showing that current nonprofit sites are 500% too slow to use.

After much misery and excruciating time spent locating the answers, in most cases, the organizational information was vague and convoluted.

Websites that provided this information in a clear, concise, and easy-to-understand manner had an advantage over those that had ambiguous goals and objectives. The organizations that received donations simply described what they did and how they did it in a succinct and easy to understand manner. This information was enough to convince people—if they agreed with their mission—to make a donation.

2. Disclose How Donations are Used

The second most important detail that users needed to know about an organization before donating was how their contribution would be used. The organizations that provided this information on their sites helped potential donors understand where their money would go.

Some sites provided this information, but others did not. Regardless, users hunted for it, and those who found it were pleased that the organization disclosed the information. Those who couldn’t find the information were aggravated and thought the organization was inefficient or trying to bury those details.

Even if the percentage that went to programs and initiatives was lower than users had hoped, they were still pleased to see the information and felt confident that the organization wasn’t hiding anything from them.

3. Display Third Party Endorsements

An organization’s reputation and legitimacy is another important piece of information users needed to know before making a donation. In our study, people often used the following information to decide whether or not a nonprofit or charity was worthy of their donation:

  • watchdog ratings
  • high profile endorsements
  • testimonials
  • name recognition
  • number of years in operation

Users also relied on recommendations from friends and family members. (This is an instance of the social proof principle. which is when testimonials and friends’ recommendations encourage users to act. This principle is further discussed in our Credibility and Persuasion course .)

In particular, endorsements or high ratings from watchdog organizations, such as Charity Navigator, Independent Charities of America, and the American Institute of Philanthropy, communicated to users that the organization was credible and reliable .

Users compiled third party endorsements with other facts gathered from the website to decide whether or not to donate. If a nonprofit or charity has this type of information, it’s important to tout it, because users want to know if an organization is credible before donating to it.

4. Provide a Noticeable and Clear Link to Donate

When users were ready to make a donation, they wanted to get to the donation process quickly and easily. Unfortunately, many users spent too much time looking for a way to donate when they were ready to do it. In fact, about 25% of the homepages included in our study failed to provide a Donate call to action .

The donation call to action should be straightforward and noticeable on every page of the website. It’s best to use clear, concise words, especially when asking for monetary donations. The phrases Donate and Donate Now were immediately understood by users in our study.

The “I Have A Dream” Foundation had a link to donate on the homepage, but the call to action was Contribute. Some users questioned what the word “contribute” meant. Most assumed it was a monetary donation, but it was also confused with donations of time or goods.

5. Streamline the Donation Process

In our studies, the donation process took, on average, 4 minutes and 15 seconds (from clicking the Donate call to action until the confirmation page displayed). In our e-commerce study. the checkout process took, on average, 3 minutes and 58 seconds (from clicking the Checkout call to action until the confirmation page displayed).

Creating a seamless donation process will increase the odds of getting users to complete the process. Sites in our study had varying approaches to the donation process. Some processes had two steps—a form and a confirmation page—and others were broken down into smaller, incremental steps. Users didn’t prefer one process over another. As long as the information being requested was presented in a clear and easy-to-understand manner, users completed the transactions successfully.

Although the donation process requires less information than a typical e-commerce checkout process. it took longer for users to complete, on average. The longer task time, on average, was likely caused by two factors:

  • More familiarity with the e-commerce checkout process: Most users in our studies made more online purchases than online donations per year, so they were more familiar with the checkout process and knew what to expect. For this reason, it’s imperative that nonprofits and charities strive to mimic the checkout process within the donation process on their sites.
  • Extra steps required in the donation process: Some donation processes had fields or actions, such as making a donation in someone’s honor or setting up recurring donations, which required more typing and decision making than the typical e-commerce checkout and thus increased the overall interaction cost for the form.

An Easy-To-Use Website and a Fast Donation Process Can Increase Donations

Organizations that depend on donations should not underestimate the impact of their website. Providing straightforward details about what work the organization does, how it uses donations, and who endorses them can convince people to donate. For motivated donors, a clear and easy-to-find Donate call to action and a streamlined donation process should be provided.

For additional UX guidelines for nonprofit and charity websites, see our report on Attracting Donors and Volunteers on Nonprofit and Charity Websites .

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Video: How to Estimate the Value of Clothing for IRS Deductions – TurboTax Tax

#used clothing donations

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Video: How to Estimate the Value of Clothing for IRS Deductions

The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. Before taking any action, you should always seek the assistance of a professional who knows your particular situation for advice on taxes, your investments, the law, or any other business and professional matters that affect you and/or your business.

* Important Offer Details and Disclosures

  • Filing Deadline: IRS filing deadline for tax year 2015 is April 18, 2016 (except for residents of Massachusetts or Maine, where the IRS filing deadline for tax year 2015 is April 19, 2016).
  • Try for Free/Pay When You File: TurboTax online and mobile pricing is based on your tax situation and varies by product. Free 1040EZ/A + Free State offer only available with TurboTax Federal Free Edition; Offer may change or end at any time without notice. Actual prices are determined at the time of print or e-file and are subject to change without notice. Savings and price comparisons based on anticipated price increase expected 3/18/16. Special discount offers may not be valid for mobile in-app purchases.
  • TurboTax CD/Download products: Price includes tax preparation and printing of federal tax returns and free federal e-file of up to 5 federal tax returns. Additional fees apply for efiling state returns. E-file fees do not apply to New York state returns. Savings and price comparison based on anticipated price increase expected 3/18/16. Prices subject to change without notice.
  • Anytime, anywhere: Internet access required; standard message and data rates apply to download and use mobile app.
  • Fastest refund possible: Fastest tax refund with efile and direct deposit; tax refund timeframes will vary.
  • Pay for TurboTax out of your federal refund: A $X.XX Refund Processing Service fee applies to this payment method. Prices are subject to change without notice. This benefit is available with TurboTax Federal products except the TurboTax Home Business/QuickBooks Self-Employed bundle offers.
  • About our TurboTax Product Experts: Customer service and product support vary by time of year.
  • About our credentialed tax experts: Live tax advice service is available via phone for your toughest tax questions; fees may apply. Service, experience levels, hours of operation and availability vary, and are subject to restriction and change without notice. Not available for TurboTax Business customers.
  • #1 best-selling tax software: Based on aggregated sales data for all tax year 2014 TurboTax products.
  • Most Popular: TurboTax Deluxe is our most popular product among TurboTax Online users with more complex tax situations.
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Diabetes Education and Information – Self Care Tips – Support Groups #donate #rice


#diabetes foundation donations

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Healthy Eating

Winter Squash: Know Your Fruits and Veggies™

Squash is native to Central America and Mexico. Archaeological evidence suggests squash may have been first cultivated 8,000 to 10,000 years ago. They were first cultivated specifically for their seeds since early squash did not contain much flesh. Over time, squash cultivation spread throughout the Americas, and varieties with a greater quantity of sweeter-tasting flesh were developed. Squash was one of the “Three Sisters” planted by Native Americans. The Three Sisters were the three main native crop plants: maize (corn), beans, and squash. These were usually planted together, with the cornstalk providing support for the climbing beans, and shade for the squash. The squash vines provided ground cover to limit weeds. Christopher Columbus brought squash back to Europe from the New World, and like many other Native American foods, their cultivation was introduced throughout the world by Portuguese and Spanish explorers.

Getting Healthy

Sending Your Diabetic Child to School

Things Every Parent Should Know

If you have a school aged child with diabetes you get to add an extra challenge to your list of things to do: preparing to send your diabetic child to school. You aren’t alone. More than 176,000 children and adolescents have type 1 or type 2 diabetes. In addition to having diabetes, they also have one other thing in common: most spend the bulk of their day in school, away from the protection and care of their parents or adult caregiver. As you know, most children with diabetes take medication to control it. These medications, especially insulin, must be carefully balanced with food and exercise to achieve good glucose control each day. Health and safety are at risk when these are not balanced. Diabetes management in children and adolescents requires complex daily management skills which can challenge parents and cause them to worry. This can be even more pronounced when their children are in the care of school personnel who may or may not understand diabetes and its management to ensure the safety and well being of students who have diabetes. It’s going to add an extra layer and complication to your life, but the peace of mind should be worth the effort.

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Artificial Pancreas Approved for Type 1 Diabetes
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This simple stretch involves the entire back of your body. Starting from your elbows to your shoulders, down your back, glutes, hamstrings, calves and down to the heels of your feet. For the most effective results, let gravity do all the work. As you bend forward at the waist keep your arms folded but relaxed Continue reading

Now that we’ve “loosened up” our bodies with the steady progression from the Neck stretch through the Heaven Earth stretch, we’ll focus on the waist. This stretch is super valuable because of the many ways we twist, turn and bend during the day. Having a flexible waist will save you lots of unnecessary pain Continue reading

Have you noticed the pattern of the stretches? We started at the top with the NECK stretch, followed next by the SHOULDER ROTATION and then followed by the ARM stretch. Each stretch involves the previous stretch, but moves us in a direction down the body. The HEAVEN AND EARTH stretch is no different. It works Continue reading

The Arm Stretch is very important and builds on the Shoulder Rotation Stretch. Feel the stretch as it moves the warmed shoulder muscles in a new direction. This stretch adds benefit down your arm and, very subtly, all the way to your fingertips. Don’t forget the all-important proper breathing: Breathe in through your nose in Continue reading

Now that your neck is warmed up we can continue with the Shoulder Stretch. Don’t allow more than 1 minute to lapse between the Neck Stretch and the Shoulder Stretch. While doing the Neck Stretch you were already warming up the shoulders and, so, preparing them for this stretch. Be sure to follow Alivia’s instructions Continue reading

September is fruit and veggie month and there is no better way to add fruit and veggies to your diet than picking your own produce at one of the thousands of U Pick farms throughout the United States or visiting a farmers market. Be sure to check our calendar every day this month for tips to add fruit and veggies to your diet.

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Did You Know?

Just over 1 in 3 people in the United States have pre-diabetes.

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1 of every 4 teens may already have pre-diabetes.

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1 of every 3 children will get diabetes in his/her lifetime!


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6 Tax Tips for Donating a Motorcycle to Charity #blood #donation #pictures


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6 Tax Tips for Donating a Motorcycle to Charity

Car Donation Wizard wants donors to know that donating your motorcycle to charity not only helps the organization fund worthwhile research and activities, but you also may be eligible to claim a tax deduction for your charitable contribution. Here are some motorcycle donation tax tips:

1) Make sure the charity is eligible to receive tax deductible contributions. The most common types of qualified organizations are section 501(c)(3) organizations, such as charitable, educational, or religious organizations. Visit IRS.gov to search for registered charities.

Car Donation Wizard only works with esteemed, 501(c)(3) non-profit organizations.

2) Be sure that you get a receipt from the charity for your motorcycle donation. You must obtain a written acknowledgment from the charity if the total deduction you are claiming for a donated motorcycleis $250 or more.

Car Donation Wizard mails a tax receipt for your records following the sale of your vehicle.

3) The IRS will only allow a deduction for the fair market value of the motorcycle.

This can be found on the tax receipt mailed to you for your donation.

4) If the motorcycle is worth more than $500, the donor must complete Section A of IRS Form 8283 and attach it to their tax return.

5) If the motorcycle is worth $5,000 or more, an independent appraisal is necessary. The donor must also fill out Section B of IRS Form 8283 . Take pictures of the motorcycle and save receipts for new tires or other upgrades to verify its value.

6) Always consult your tax adviser or the IRS for more information about how you can claim charitable deductions. The IRS can answer your tax questions and can provide tax forms, publications, and other reading materials for further assistance. IRS materials are accessible through the Internet at www.irs.gov. through telephone ordering at (800) 829-3676, and at IRS walk-in offices in many areas across the country.

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Tips on Charitable Contributions: Limits and Taxes #children #charity


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Tips on Charitable Contributions: Limits and Taxes


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What Percent of Church Giving Can Be Taken Off Federal Taxes? TurboTax Tax Tips

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What Percent of Church Giving Can Be Taken Off Federal Taxes?

When you prepare your federal tax return, the IRS allows you to deduct the donations you make to churches. If your church operates solely for religious and educational purposes, your donation will qualify for the tax deduction. As long as you itemize your deductions, you can generally claim 100 percent of your church donations as a deduction.

Itemized deduction requirement

The donations you make to your church throughout the year can be deducted from your taxes only if you itemize your expenses on Schedule A when you file your personal tax return. To use Schedule A, your total itemized deductions must exceed the standard deduction for your filing status. If the standard deduction provides a greater tax benefit, your church donations won’t offer any additional tax savings. However, you can deduct those donations in any of the next five tax years that you choose to itemize deductions.

Limitations on annual church donations

The total of your church donations plus all other charitable contributions you make during the year cannot exceed 50 percent of your adjusted gross income (AGI). If it does, then you cannot deduct 100 percent of your donations in the current tax year. However, the amounts you can’t deduct this year can be used as a deduction on one of your next five tax returns.

Donating cash to a church

The IRS has various record-keeping and documentation requirements, depending on the amount of cash you donate to a church. Whenever you make a cash donation to your church, you must retain either a receipt, canceled check or a bank or credit card statement. It’s not necessary for you to send these to the IRS, but if the agency ever contacts you for proof of your donations, you are required to have the documentation. However, if any single donation is greater than $250, you must also obtain a written acknowledgment from the church. This acknowledgment should include the donation amount, a description of any goods or services provided to you in exchange for your donation and a statement that the remaining benefit you receive is an intangible religious one. If you do receive goods or services in the exchange, you must reduce your deduction by their value.

Donating property to a church

When you donate property to a church, the tax laws require you to assess the fair market value of each item. You may choose any valuation method, as long as it gives a reasonable estimate of the price a buyer would pay for similar property on the open market. For example, it is reasonable to obtain an independent appraisal on a precious stone you donate to the church; providing your own estimate without having any knowledge of gems is not an acceptable valuation method. As long as your estimate is reasonable, you can still claim a deduction for 100 percent of the value.

TurboTax has a tool called ItsDeductible that can help you determine the IRS-approved value of your charitable donations.

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you deserve

TurboTax Deluxe searches more than 350 tax deductions and credits so you get your maximum refund, guaranteed.

The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. Before taking any action, you should always seek the assistance of a professional who knows your particular situation for advice on taxes, your investments, the law, or any other business and professional matters that affect you and/or your business.

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