If you mean things like clothing and household items given to charities that come and pick them up, most give you a receipt that you fill in the amount you feel is fair market value of the items you gave.
Here's a site that gives some estimated values to give you an idea:
http://www.bankrate.com/brm/itax/Edit/News/stories/news_20000107a.asp
2007-01-26 13:45:27
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answer #1
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answered by Squirrley Temple 7
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Quicken sells a product calls ItsDeductible which finds the FMV (fair-market value) of items that you have donated.
However, if the amount that you have donated is small, up to $250, just give a reasonable estimate from what you know of things in garage sales, antique store, etc. IRS allows up to $250 of deductions each year without itemized receipts.
2007-01-26 21:45:53
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answer #2
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answered by justdennis 4
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The IRS has a booklet on determining the value of donated items for deduction purposes. It's called Publication 561. A link to the pdf is below. The key, though, is generally "fair market value" which is very different than manufacturer cost or suggested retail price.
But... because of the potential for abuse, they are very specific about what can be deducted. It's a handy little pdf.
2007-01-26 21:42:39
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answer #3
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answered by jackwasthere 3
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You usually list your own 'reasonable' value of the item.
Say you donate...ten pairs of used pants. give them 2 or 3 bucks a piece.
Keep it reasonable or the IRS will audit. Three is a maximum amount that you can donate....dollar wise....without having to itemize.
Go to IRS. gov and search for 'charitable donations'.
2007-01-26 21:41:39
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answer #4
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answered by COOKIE 5
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no more then 5 %
2007-01-26 21:41:07
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answer #5
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answered by Anonymous
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garage sale theory...if you stopped at one, what would you pay? for example: I wanted a file cabinet, at the office supply, they wanted 150.00. I bought one at a garage sale for 20.00. hope that helps!
2007-01-26 23:41:19
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answer #6
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answered by Anonymous
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