Discussion:Itemizing - Charity deduction Requirements - Magazines & books
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Discussion Forum Index --> Basic Tax Questions --> Itemizing - Charity deduction Requirements - Magazines & books
Discussion Forum Index --> Tax Questions --> Itemizing - Charity deduction Requirements - Magazines & books
| 4 May 2009 | |
| T/P is donating magazines and children - adult books. What are the IRS requirements?
My thought, magazines have no value however books just provide reciept from charity, Qty, and estimated FMV...say .50 on the dollar. Comments/suggestions? Note: This is not a business deduction merely individual cleaning out her room. | |
Laketahoecpa (talk|edits) said: | 4 May 2009 |
| IMO - 50 cents on the dollar is too high for FMV. When I go to used book store I usually pay 25 or 50 cents for paperback and maybe 2 - 3 dollars for hardback. Need to have some basis for value - comparable sales or thrift shop value are typical ones used.
And remember, the IRS has imposed stricter guidelines regarding condition of donated goods. | |
Wonder Woman USA (talk|edits) said: | 4 May 2009 |
| Depends on where you are. FMV for paperback books at Salvation Army is $1, at Thrift Town (run by another charity) they are $1.49, and at Out of the Closet, they are $0.50. Whichever charity your client donates them to is where he should look at the price.
Most charities don't re-sell old magazines so there's no FMV -- even those beautiful old National Geographics are a glut on the market. I leave mine in the waiting room at the Blood Bank. | |
| 5 May 2009 | |
| I was not aware that magazines have zero value. If the client is putting the FMV on the receipt (most charities leave that up to the donor), how can we argue with them about value? We're not appraisers -- I have zero knowledge about magazine value. It is a tangible good, so it MUST have SOME value. | |
Wonder Woman USA (talk|edits) said: | 5 May 2009 |
| It's your taxpayer/client who has to substantiate the FMV of her donated magazines. You are, of course, allowed to ask her what SHE think the FMV might be, and how did she get that number?
AFAIK, only historic issues of cerain magazines have any re-sale value, and those only to collectors. | |
| 5 May 2009 | |
| As far as I know .. it means "as far as I know" <G> ...
Here's a link to a pretty comprehensive list of USENET and chat abbreviations, acronyms, etc. http://www.geocities.com/eedd88/abbreviations.html?20095#A | |
| 5 May 2009 | |
| Generally, your cheap romances, cozy mysteries, and movie star exposes go for top dollar.
Your classics (Proust, Tolstoy, Dostoyevsky, Hugo, Raymond Chandler) go for cents on the dollar, if anything. Thatsa America. | |
| 5 May 2009 | |
| I should mention that before the internet, a large segment of teenaged boys would give their right arm.... errr I guess I should say right hand.... for an ever so educational copy of the National Geographic.
My understanding is that now, they can't give the thing away. | |
| May 5, 2009 | |
| I'm now thinking I missed a charitable deduction a few years ago.....
My husband was the best man; the bride insisted the groom disposed of his 'adult magazine collection. I'm not sure exactly why the collection ended up in our garage, but it did. After a few summers of the boxes accumulating dust, they were donated to....MS?, Goodwill?, whoever showed up & took away all that stuff we had. Can't say I gave a thought to assigning a value to them. Oh well, too late to amend. | |
| 5 May 2009 | |
| Belle, I don't GET CPE, I GIVE it <G>. For more useful things though, I hope. | |
| May 5, 2009 | |
| Katie - that should have been "do I get CPE"....I'm well aware of your teaching prowess. Wish I was in SoCal to take advantage of it! | |
