Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

I made a charitable deduction to Habitat. I have an itimized…

Customer Question
Hello, I made a charitable...
Hello, I made a charitable deduction to Habitat for Humanity. I have an itimized list of the tools, like drills, belt sanders, palm sanders, windows, nail guns, boxes of various screws.
How can I find what value to assign to these items..they were gently used tools and may other items , 200ft of electrical wire, electric boxes, covers, etc etc..
Thanks
bob
Submitted: 2 years ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 6 minutes by:
2/14/2016
Tax Professional: emc011075, Tax adviser replied 2 years ago
emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,685
Experience: IRS licensed Enrolled Agent and tax instructor
Verified

Hi, Bob. My name is ***** ***** I will be happy to help you.

You can deduct the fair market value of the tools. There are really now special instruction to follow, most people just estimate how much they would get for the donated items if they sold it on e-bay or craig list for instance. If you claim more than 5K for one item, you may need a professional appraisal.

Ask Your Own Tax Question
Customer reply replied 2 years ago
Ok, so like used clothing and furniture , there really is not a list that the IRS uses to determine valuation? I went to H&R block they had a list for clothes and stuff but not building materials...So whetever they are selling for on line is a fair market value? Does that raise my risk for an audit? I have a receipt from the charity, they did not itimize it.
Tax Professional: emc011075, Tax adviser replied 2 years ago

Since this is a noncash donation and I am assuming the total value will be more than $500, you will need another form to file. You will use form 8283 to describe the donations in more details: who did you donated it to, how did you figure out the value, how much did you originally paid for it and such. Good Will and salvation army has a list of items (mostly closing and household items) on their websites to determine estimated value of donated items. That's what H&R Block is using. It is not IRS list or even binding list you have to use.

Fair market value is a value somebody else would pay for it on the open market. For instance for used cars you can use Blue book value, for real estate you can use comparable sale analyses (similar properties sold in the area in last 6 or 8 month). Every reasonable method is acceptable.

Ask Your Own Tax Question
Tax Professional: emc011075, Tax adviser replied 2 years ago

I see you read my respond. Do you have any questions? Is there anything else I can help you with today?

And if this answered your question, please take a moment to rate my response so that I may receive credit for assisting you today. You find the rating bar on the top of the page – 5 stars. However, if you need clarification, or want to discuss this issue further, let me know. Thank you.

Ask Your Own Tax Question
Was this answer helpful?
Ask emc011075 Your Own Question
emc011075
emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,685
3,685 Satisfied Customers
Experience: IRS licensed Enrolled Agent and tax instructor

emc011075 is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,495 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,272 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
If I donate $106.73 as a charitable gift to a not for profit
if I donate $106.73 as a charitable gift to a not for profit and include the $6.73 so the value of my gift is $100, is the 106.73 tax deductible? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,272 satisfied customers
Filed form 1040 form took the standard deduction, I am now
filed form 1040 form took the standard deduction, I am now filing the new york state, … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
The IRS sent me the form 1041-ES quarterly estimated
Hi, the IRS sent me the form 1041-ES quarterly estimated payments for a trust that was dissolved in 2016. There was no income in 2017. What do I do? … read more
emc011075
emc011075
Tax adviser
3,685 satisfied customers
Looking for estimated tax rate for 500,000 income in 2017.
looking for estimated tax rate for 500,000 income in 2017 … read more
Richard
Richard
Tax Attorney
Doctoral Degree
4,495 satisfied customers
Is there a donation amount limit for tax deduction when you
Is there a donation amount limit for tax deduction when you donate money to missionary organization?… read more
Mark Anderson
Mark Anderson
Attorney
Doctoral Degree
10 satisfied customers
If I am filing an ez1040 form can I deduct my property
If I am filing an ez1040 form can I deduct my property taxes? Or is only if I'm using the long form? And is there a fee for this service? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,272 satisfied customers
I am being audited for my mileage deduction, I have no
Hello, I am being audited for my mileage deduction, I have no records of a log. I over estimated by a lot. Will I face tax fraud because I do not have records. … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,113 satisfied customers
Are beneficiaries required to report K-1 credits on the Form
Are beneficiaries required to report K-1 credits on the Form 1040, or is at our discretion? I'm using TAXACT software. The Form 1041 K-1 Final Year Deductions only shows credits on Line 11 A and C. Th… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
Cash basis tax payer. I donated charity using my credit card
Cash basis tax payer. I donated charity using my credit card end of 2017, but didn't pay my credit card balance until Jan 2018. I received statement for my charity. Can I deduct it for my 2017 tax ret… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,272 satisfied customers
Lane, Can property taxes be deducted on form 1041? Say the
Lane,Can property taxes be deducted on form 1041? Say the decedent paid 12,000 in property taxes. Decedent died on August 1st. Should 7,000 be deducted on 1040 Sch A and left over goes to 1041?… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Tax rate on stored company property in Theodore, Alabama and
Tax rate on stored company property in Theodore, Alabama and do you pay property tax on 100% of the value. (Stored off shore oil and gas equipment/tools)… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,272 satisfied customers
Ls there a limit for donations to charity. I have donations
I have donations receipts give to the Goodwill, but they are to many donations, can I save the receipts for next year taxes? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,272 satisfied customers
On the 1040A form how can i deduct state property tax (
on the 1040A form how can i deduct state property tax (Washington State)? … read more
James Daloisio
James Daloisio
Attorney
Doctoral Degree
214 satisfied customers
I inherited personal property which i donated to charity.
i inherited personal property which i donated to charity. Can i claim on my tax return? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
How can I solicit tax deductible donations and sponsorships
Hello. How can I solicit tax deductible donations and sponsorships for my conference that is not a 501(c)(3)? Can I place the conference under an entity that has 501(c)(3) status? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Can a deduction be taken as a donation if you donate a
Can a deduction be taken as a donation if you donate a handmade wooden library file cabinet to a historic Cemetery, i.e. Oakland & Fraternal Historic Cemetery, Little Rock, Arkansas … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
If I donate a rental property to charity can I deducted the
If I donate a rental property to charity can I deducted the fair market value? If yes How old can my professional appraiser report be? … read more
Mark D
Mark D
Enrolled Agent
Master's Degree
1,338 satisfied customers
If I donate my time share slot to a tax deductible
If I donate my time share slot to a tax deductible organization ( in this case a private school), can I deduct the week that it is otherwise worth? Also, if need to pay an exchange fee because they wa… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,026 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x