Wednesday, February 25, 2009

Giving to Charity

Taxpayers that gave to a charity in 2008 may find it difficult to accurately assess the value of their household items that are donated. IRS rules according to Publication 561 require that items are given a Fair Market Value (FMV) based on what the item would sell for on the open market. Many tax preparation software titles have a donation calculator built in. Here is a nice link from the Salvation Army to cross check what your software calculates or to use alone. Most lists are adjusted yearly and there are times when appraisals may be needed. Also, it may be a good idea to check more than one list because FMV amounts can vary.

Keeping Your Taxes N Synergy

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