Do I have to put a dollar value amount when you recieve donated items (not cash) to your non-profit organization?
Or do I just send a tax letter stating what was donated?
Do I have to list everything? As we have recieved a lot of small household and construction items.
2007-01-02 02:34:17 · 2 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
You will need a receipt from the organization for the day you contributed the items. They will not put a value on anything.
You will need to keep a list of the items you gave and the value you have assigned to each item. You do not need to attach this list when you file but you should have it available just in case.
If the total value of the items exceeds $5,000 you will need an appraisal done by a professional appraiser.
If the value is under $5,000 you can estimate the value of items that have been used at about 25% of the original cost, more if the item is newer and less is it has been used excessively.
2007-01-02 03:41:49 · answer #1 · answered by waggy_33 6 · 0⤊ 0⤋
Joe Willy Neckbone says, "charity organizations that are 501 c3 have very specific guidelines to follow. I will gladly send you a copy if you send an e- mail to; joewillyneckbone@yahoo.com."
2007-01-02 10:46:46 · answer #2 · answered by joewillyneckbone 2 · 0⤊ 1⤋