Taxes and Your Donation
If you itemize your deductions, you may deduct your donations of materials to nonprofit organizations! For detailed information please consult your accountant, attorney or an IRS office.
If donated goods valued at:
Less than $500 - Report the actual amount of your return. Retain copies of your receipts and all itemized list of goods donated. Receipts and /or list should reflect full descriptions of each item and the "fair market value" as determined by you.
$501 through $5,000 - complete and submit with your return Section A of IRS Form 8283. Retain your receipt and information as indicated above.
$5,001 and more - This situation requires special action on our part. It is required that Goodwill sign your
IRS Form 8283 and if the item exceeds a certain value to keep track of them and when sold report this on IRS Form 8262 with a copy to you. Planning these donations in advance with us will simplify "tax time" procedures.
Receipts - Please remember to request a receipt from our attendant when making a donation. You will need it to support your deduction with IRS. We do not retain copies.
Valuations - According to the IRS, it is the responsi- bility of the donor to establish the value of the goods that are donated. This is called "fair market value" and can be determined by a visit to one of the Goodwill thrift stores to observe selling prices. According to the IRS regula- tions. Goodwill employees are not permitted to evaluate or verify your evaluation of any donation.
The sales of your donations help us train & employ people with disabilities.
Thank you for your support. www.goodwillmiami.org