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Where do I send my donations of goods?
Boxes of Goods should be sent to:
Morning Star Mini-Storage c/o Grandma's Gifts, Suite 602 707 Enterprise Drive Lewis Center, OH 43035 |
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Are my donations of goods to Grandma's Gifts tax-deductible?
Grandma’s Gifts heavily relies on generous donations from private citizens and businesses to continue to our work. Grandma’s Gifts will adhere to all IRS regulations pertain to the recognition, valuation, and reporting of in-kind donations. Many donors receive great satisfaction and comfort from passing useful items they no longer need onto charities or safety in using their funds to purchase goods for an organization.
Grandma's Gifts DOES NOT sell, barter, or exchange ANY goods donated to the organization. Items are given to individuals or organizations in Appalachia. Gift receipts are also instructed to not sell, barter, or exchange any items they receive.
It is the donors responsibility to deduct charitable contributions and list them on their tax return at their FMV. “Fair market value (FMV) is the price that property would sell for on the open market. It is the price that would be agreed on between a willing buyer and a willing seller, with neither being required to act, and both having knowledge of the relevant facts.”[1] IRS Publication 561 (http://www.irs.gov/pub/irs-pdf/p561.pdf) explains how to determine the fair market value of your donation.
They must itemize deductions on Schedule A (Form 1040) or Schedule A (Form 1040NR). It is the responsibility of the donor when donating goods worth over $5,000 to obtain an appraisal. If the claimed deduction for an item donated property is more than $5,000, you must attach Form 8283 to your tax return and complete Section B.[2]
The information above is not legal or tax advice to donors, rather Grandma’s Gifts acknowledging that the organization will follow all IRS guidelines pertaining to in-kind charitable contributions.
[1] IRS Publication 561, Page 2. [2] IRS Publication 561, Page 11.
Grandma's Gifts DOES NOT sell, barter, or exchange ANY goods donated to the organization. Items are given to individuals or organizations in Appalachia. Gift receipts are also instructed to not sell, barter, or exchange any items they receive.
It is the donors responsibility to deduct charitable contributions and list them on their tax return at their FMV. “Fair market value (FMV) is the price that property would sell for on the open market. It is the price that would be agreed on between a willing buyer and a willing seller, with neither being required to act, and both having knowledge of the relevant facts.”[1] IRS Publication 561 (http://www.irs.gov/pub/irs-pdf/p561.pdf) explains how to determine the fair market value of your donation.
They must itemize deductions on Schedule A (Form 1040) or Schedule A (Form 1040NR). It is the responsibility of the donor when donating goods worth over $5,000 to obtain an appraisal. If the claimed deduction for an item donated property is more than $5,000, you must attach Form 8283 to your tax return and complete Section B.[2]
The information above is not legal or tax advice to donors, rather Grandma’s Gifts acknowledging that the organization will follow all IRS guidelines pertaining to in-kind charitable contributions.
[1] IRS Publication 561, Page 2. [2] IRS Publication 561, Page 11.
