Determining the Donation Value of In-Kind Donations
As one of the likely larger donations you’ll be making to a charity, household appliance values can be especially challenging to determine. The 2018 range for an electric stove, for example, was between $75 and $150, based on condition. A washing machine was very similar, from $50-$150.
When you start considering the furniture donation category, things become far more complicated. With an endless amount of variables in this category – condition, style, furniture type – determining an estimated value requires that you use your best judgement. A coffee table in excellent condition, for example, would be valued between $50 and $65 while a chair would fall in the $25 to $100 range.
Are you donating a nice piece of jewelry to your favorite charity? Be sure to have it appraised, the IRS recommends that anything valued at over $5k be appraised. Depending on how high of a value your donated items are, you may need to fill out and submit Form 8283 detailing the value of your donation.
When determining how to determine the donation value of the in-kind donations you’ve made in the past year, be sure to consider what the standard deduction is for your filing status. If you’ve already reached it, it’s likely not worth the time to itemize the value of your in-kind donations.