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TTT Obtaining a Value for Donated Non Cash Goods - YouTube
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hey everyone welcome to another text
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Tuesday my name is Alexis Galati I'm the
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owner of cerebral tax advisers and today
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we're gonna be talking about how to
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value those non-cash and donations I'm
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sure many of you this time of year are
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gathering up all your tax information
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and you you know you're not you
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you've got your Goodwill or Salvation
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Army receipts and you're just not sure
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how to value those items that you
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donated well luckily as you see on the
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screen Salvation Army and goodwill have
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really great resources for determining
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how to you know what the fair market
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value of the items you've donated are so
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you go to this you can even just Google
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like Salvation Army valuation guide or
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you know goodwill valuation guide and
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use those and so if you you know like
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air conditioner low 21 high 93 so it
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just depends on the condition if it's
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you know all items are supposed to be in
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good you know condition when donating it
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for the IRS to say yep you know you can
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get a deduction for that it's also
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important to realize that anything that
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has a value over five thousand dollars
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even if it's collective so let's say you
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do a whole bunch of little items to
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Goodwill but you're trying to claim over
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five thousand dollars to Goodwill or for
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all these items then you have to have an
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appraisal done on it so it sounds
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ridiculous but that's those are the
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rules I don't make the rules you have a
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problem with they go to Congress but
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basically you know so it's really
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important that you you know be aware of
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that rule because I have some clients
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who will move across country and they'll
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donate a ton and they'll try
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take really large donations
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contributions and if they have the
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backup for it that's fine but you know
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those valuations are really important
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and so using this guide is really great
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to get an idea of you know what you know
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what the value could be so appliances
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they talk specific about automobiles
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those have special rules clothing
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furniture household goods miscellaneous
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stuff like DVD player cell phones etc so
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this is a really helpful guide for doing
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those valuations and you know if you
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have any questions you know please let
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me know just make sure you're keeping
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those receipts especially if they're
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over two hundred fifty to fifty dollars
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and you know you know let me know what
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is your favorite charity to donate
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non-cash goods to my local one car it's
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do a great job they're always very
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pleasant and helpful so plus they have
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electronic receipts as opposed to paper
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which is awesome it just gets emailed to
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me and I can found a way easily for my
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notes and oh one other thing I want to
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make mention of is take a picture of
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what you're actually donating this is
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really great to save to your to your
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receipts file because it shows IRS like
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look I actually donate this stuff it was
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in good condition like it doesn't have
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to be like you know an amazing picture
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was certainly detailed everything I just
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take a picture of the number of boxes
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I'm sending to to Carm so anyway um let
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me know if you have any questions please
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follow us on Facebook Twitter Linkedin
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you know subscribe to the YouTube
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channel so you get plenty of great tips
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like this one and if you you know want
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to check out our blog that we have great
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information on there as well make an
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appointment if you have additional
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questions and and we'll go from there
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oh great thanks bye
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you
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