Non Cash Contributions - Non Investment Property

Question 1

For non-cash donations of non investment property, what valuation method be used?

Answer 1

Fair Market Value.

For most items, FMV is the value is likely thrift store value.

Question 2

For non-cash contributions of non-investment property, what documentation must be provided to the IRS?

Answer 2

If less than $250, no documentation is needed.

For $250 and above, a receipt from the receiving charity is needed

For $500 and above, Form 8283 must be filed.