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: 3,983
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?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask emc011075 Your Own Question
emc011075
emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,983
3,983 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

4,512 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

15,569 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
Lane, today's question: For the purpose of adjusting the
Hi Lane, today's question: For the purpose of adjusting the basis of the home to determine capital gain, I heard somewhere that not all improvements will count. What I'd like to confirm is which of th… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
In 2017 I built a 2nd home that I will be renting out 12
in 2017 I built a 2nd home that I will be renting out 12 weeks a year(vacation short term rental). I also have another townhome that I rent. i think we would be considered a sole proprietorship becaus… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,435 satisfied customers
If i donate $200 each day for 10 days to different
if i donate $200 each day for 10 days to different charities, and the goods are similar like various items of men's clothing, have I exceeded the $250 limit to trigger requirement for an acknowledgeme… read more
taxmanrog
taxmanrog
Master\u0027s Degree
1,055 satisfied customers
I am looking for assistance with a contract of sale of my
I am looking for assistance with a contract of sale of my small business (sole proprietorship). I was handling it on my own, but then learned that the assets need to be specifically allocated within t… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have done our individual and business taxes for many years
I have done our individual and business taxes for many years after getting help at our local IRS office so I could do it correctly. When I had questions I went back to that office for help. I used som… read more
Marcia Mitrano
Marcia Mitrano
MBA
62 satisfied customers
This is from your previous answers, but I believe the
This is a follow up from your previous answers, but I believe the typical charge of $38 is warranted.Concerning the 1099-C dispute I had with the lender, the lender replied to my dispute: "The amount … read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
I just started using QuickBooks Pro and i'm confused about
I just started using QuickBooks Pro and i'm confused about expenses vs cogs. … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,435 satisfied customers
What is the IRS class life of of a backup generator
What is the IRS class life of of a backup generator installed in a residential apartment building?… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
Form 8283 Noncash charitable contribution question - I
Form 8283 Noncash charitable contribution question - I donated many boxes of stuff in 2014, including hundred pieces of clothing (retired, cleaning up the closet), several TVs, and furniture. I am com… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,674 satisfied customers
Hi, Lane! I acquired a mobile home park 10yrs ago in a stock
Hi, Lane! I acquired a mobile home park 10yrs ago in a stock transaction. It was under a corporation and converted to a s-corp as soon as I bought it. I am now selling the property in an asset sale. T… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I am also trying to find out if my travel trailer classifies
I am also trying to find out if my travel trailer classifies as a business expense on schedule C, while working as a gate guard at oilfield drilling operations in Texas. My permanent home is in Missou… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
PA Sales Tax: If you are a contractor doing site work for edcuational
PA Sales Tax: If you are a contractor doing site work for edcuational institutions, are we required to pay sales tax for Job Materials used for Sewer Lines Water Lines Storm WaterLines… read more
abci168
abci168
Principal
27 satisfied customers
Hello: I am considered a salaried employee at my place of
Hello: I am considered a salaried employee at my place of employment. However, I do have to fill out a time card and my wage is affected by that time card (so for all intents and purposes, I'm an hour… read more
Jax Tax
Jax Tax
Senior Tax Attorney
Master's Degree
1,363 satisfied customers
Need Employer ID number, SS-4 help in filling out the application
Employer ID number, SS-4 help. I am filling out SS-4 application for EIN for business. Question for section 9A and 18. What to put there?… read more
Charles Greiner
Charles Greiner
Owner
Bachelor's Degree
2,436 satisfied customers
If I buy a gun at auction, and the proceeds are going to charity
If I buy a gun at auction, and the proceeds are going to charity wil I be able to write the purchase off on my taxes. Also I just opened up a small business with my girlfriend, she is 1st on the DBA i… read more
Karla
Karla
Master's Degree
1 satisfied customers
I have written books this year and paid for them on line Publishing
I have written books this year and paid for them on line Publishing Co. What do they fall under--Supplies? Do they or some aspects of the expenses be considered 179 Expenses? Also, I have paid for web… read more
Charles Greiner
Charles Greiner
Owner
Bachelor's Degree
2,436 satisfied customers
Hi Anne, I am here in US on h1b visa. I have kid 2 yr old
Hi Anne, I am here in US on h1b visa. I have kid 2 yr old and wife not working. both are h4 visa ( depend visa). My question is my yearly income is >$130,000. How can i save some money to giving gi… read more
Anne
Anne
Master Tax Preparer
1,328 satisfied customers
Hello there, My husband and i are going over recipts from
Hello there, My husband and i are going over recipts from 08 in order to try and catch up with our taxes. he owns his own hanyman business and we are wondering the best way to go over the recepts, we … read more
Merlo
Merlo
Tax Consultant
558 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