Why Buy iDonatedIt?

DonatedIt makes complying with the IRS requirements effortless (outlined below).

iDonatedIt helps you get the most value out of your non-cash charitable donations.

iDonatedIt keeps your charitable donations organized and makes tax preparation easier.

What are the IRS Requirements for Non-Cash Charitable Donations?

  • A taxpayer is generally allowed to deduct the lower of the cost basis or the fair market value of a non-cash item that is donated.
  • Non-cash items generally consist of clothing, household, furniture, and other personal goods.
  • Donated items need to be in "good" condition or better in order to qualify for a charitable donation
  • Fair market value is generally assumed to be the consignment or thrift store value for an item.
  • The taxpayer is required to document the name of the charity, the date of the donation, and a detailed description of the donated items.
  • If the donation is valued at over $250 the taxpayer is required to have a written acknowledgement from the charity that supports the donation.
  • Donations valued at over $5,000 are required to have a written appraisal.
  • IRS Publication 526 outlines the rules for charitable donations.
  • IRS Publication 561 outlines the rules for valuing donated property.
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