Charitable Giving Information

Posts Tagged ‘deductions’

Tax Deductions Donations Goodwill

Question: Tax deductions & Wedding Ring?

If I were to donate a wedding ring to goodwill (or something similar) would it be tax deductible based off the original purchase price, the current appraised value, or the value they are able to auction the item for? Also does anyone know of any good sites/companies that deal with jewelry donations?
I still have the original purchase receipt and can get an appraisal for current value.

Answer: It would be tax deductible(get a receipt from Goodwill when you donate it).

If it has "high value," you may need an appraisal to support the deductions. Otherwise, it would go by "thrift value," the value a similar item is sold for in Goodwill.

Your Goodwill will go a long way

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