To determine the value of donated items, start with fair market value, which is the price a willing buyer would pay and a willing seller would accept in an open market. For common household goods and clothing, this usually means looking at what similar used items sell for at thrift stores, consignment shops, or online marketplaces rather than what you originally paid. Condition is critical, so note whether items are like new, good, fair, or poor, and adjust values accordingly. For more specialized items such as collectibles, artwork, or high value personal property, you may need to consult price guides, recent sales, or a professional appraiser. Keep an itemized list with descriptions, estimated values, and supporting references, especially when total noncash contributions are large enough to require formal reporting.
