A. If you itemize your deductions when you file your taxes, you should be able get a larger refund or pay less in taxes by using our fair market valuations.
A. Many factors will determine your savings. How many items you donate, the value of each item, and your tax bracket will determine your savings. We believe you will quickly see a noticeable difference in your charitable deductions. Take advantage of our Free Trial offer to see for yourself.
A. Our website has thousands of categories. Each category is based on many more thousands of completed successful auctions on eBay®. Our licensing agreement allows us to use that massive amount of data to provide you valuations for nearly anything you can find on eBay®.
A. If you only use the standard deduction when you file your tax return, you won't be able to increase your charitable deductions with this website.
A. Annual subscriptions are $24.95 per tax year. Purchasing multiple years at once reduces the subscription rate.
A. Although our website is not endorsed by the IRS, it does comply with IRS valuation guidelines. What this means is that our valuations use IRS approved guidelines on how to determine the fair market value of a donated item. Our clients have been audited by the IRS and the IRS has accepted our valuations in each of those cases to date.
A. If you are audited by the IRS, we would provide the following support to paying customers:
A. Yes, you should consult your account/tax preparer to determine your limits. However, this website is normally useful for donations in the $0-$5000 range.
A. If you have non-cash donations that total more than $500, then you need to file IRS Form 8283 with your tax return. We provide a fill-in version of the form and instructions that can be downloaded from our website along with other useful IRS forms and publications.
A. Generally, you must also obtain a qualified written appraisal of the donated property from a qualified appraiser. This website would not qualify.
A. The following is excerpted from IRS Summertime Tax Tip 2007-14: New Rules May Impact Your Charitable Contributions.
Charitable contributions can be tax deductible, but you must have the proper records to support your deduction. Due to the Pension Protection Act of 2006 the rules on recordkeeping for charitable contributions became a little more strict beginning in January 2007.
To deduct a charitable cash donation, regardless of the amount, you must have a bank record or a written communication from the charity showing the name of the charity and the date and amount of the contribution. Acceptable bank records would include canceled checks or bank or credit union statements containing the name of the charity, the date and the amount of the contribution.
Under the previous rules, records such as personal bank registers, diaries or notes made around the time of the donation could often be used as evidence of cash donations. Personal records like this are no longer sufficient.
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