As with any tax-related information, an individual donor should always consult a tax professional to resolve questions regarding their particular donation.

Heritage for the Blind, Inc. 501c3 Tax-exempt

If an individual donates property they may deduct the property's fair market value at the time of the donation, subject to the statutory limitations on such donations. Fair market value is defined as the price at which the property would change hands between a willing seller and a willing buyer. For property, it is generally held that fair market value is the price at which the item or a comparable item would be sold at retail (IRS Rev. Proc. 65-19, 1965-2 CB 1002). Further, the fair market value of used clothing and household items is the price that buyers of used items actually pay in used clothing stores (Treasury Department booklet, Your Federal Income Tax, 1993 edition, p.186).

It is the donor's responsibility to determine the value of donated items.

If the donation is $250 or more, but does not exceed $500, a donation receipt will be provided by our office for your record.

If the donation is over $500, but does not exceed $5,000, the donor must complete IRS form 8283, Non-cash Charitable Contributions, Part A only. They should file this form with their tax return.

If the donation is over $5,000, the donor must complete IRS form 8283 and send it to Heritage for the Blind. Our office will process it and return the completed form to the donor. The donor should retain the form to file with their tax return for the tax year in which the donation was made. In addition, an appraisal performed by a qualified appraiser may be required.

» http://www.irs.gov
» IRS Tax Deduction Form 526
» Private Foundation Provisions 501(c)(3) for nonprofit organization
» IRS Non Cash Charitable Contributions Form 8283
» Donation Information Return Form 8282

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