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This is the question: for IRS tax reporting purposes on 2017

tax returns, what is this...
This is the question: for IRS tax reporting purposes on 2017 tax returns, what is this relationship between items donated to a qualified charity like Goodwill? Say I have a menu from a restaurant and there is one from a restaurant that has become a collector item and has a fair market value. My menu is newer and was obtained for free. How comparable does it have to be to get the same deduction, say the old menu is listed at $10.00 US? Does it have to be the same exact item? IF I have many donations and they are totaling over the appraised amount, would the appraiser be able to do this on a new menu? Does it have to have been sold and listed to attach value to it? So just what is the relationship here?
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Answered in 1 hour by:
6/18/2017
emc011075
emc011075, Tax adviser
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Hi. My name is ***** ***** I will be happy to help you.

You can generally deduct a fair market value of the donated property. When it comes to art and collectibles, generally each copy has to be evaluated individually. Two identical copies of the same book published five years apart can have very different value. Originals, first edition or copies with authentic signature will have much higher value that the exact copies printed several years later. How different is your menu? If you listed it on e-bay for instance would you sell it for $10? Have you found similar items for sale? To be considered comparable the items should be about the same age, quality, wear (new, used), place of origin (for collectibles for instance). Not all restaurant menus are collectible items. Usually the first edition (for grand openings) or a menu issued for a special occasion will have much higher value than a menu printed for general public years later.

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