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How Much to Deduct for Charitable Contribution

Value of Charitable Contribution

Most people like taking a charitable deduction on their income tax return for the property donations they make during the year. However, donating your property is just the first step to claiming the charitable contributions deduction. The next thing you need to do is estimate the fair market value of each piece of property you donate to charitable organizations during the year. This is because the IRS allows your charitable deduction to equal the value of your donation in most cases.

How to Estimate Value of Your Charitable Contribution

For purposes of calculating your charitable deduction, there is no single method the IRS requires you to use to estimate value; it really depends on what type of property you donate. But no matter how you decide to value your property donations, the IRS warns that it must reflect the market price of the item in its current condition; otherwise, you may get hit with tax penalties. For example, suppose you donate a bag of used clothing to the Salvation Army or your local church. The IRS recommends that you investigate what other thrift stores in your area charge for similar articles of clothing. So if one of the items you donate is a used pair of jeans and the average price for used jeans at the thrift store is $10, then it’s reasonable to use $10 as your charitable deduction.

Tax Penalties for Overvaluing Your Charitable Contribution Deduction

The IRS is serious when it says your estimated value must reflect the actual market price. To combat abuse of the charitable deduction by overvaluing donations, there are two penalties that can apply. Both penalties are calculated on the amount of income tax you underpay as a direct result of the overvaluation. If you report the value of your charitable deduction donation as 150 percent or more of its actual value (such as claiming a charitable deduction of $15 for the jeans rather than $10) then the IRS will charge you a 20 percent penalty. However, if the overvaluation is equal to 200 percent or more (claiming a charitable deduction of $20 or more for the jeans), the penalty increases to 40 percent of your income tax underpayment.

Reference: IRS Publication 561-Determining the Value of Donated Property