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Tax Donation Information

If you meet with a Music 4 Minors representative, they will offer you a donation receipt to keep for your tax records or to pre-fill one out before you go click here. Federal law provides that clothing and household goods must be in “good used condition or better” for tax deductions. According to the IRS, it is the donor’s responsibility to fill out the receipt and assess the donation’s value.

Remember:

  • All donations to Music 4 Minors are tax deductible to the extent permitted by law.
  • Have our donation attendant sign your Receipt/Tax Record form.
  • Music 4 Minors does not keep permanent records of donations.
  • You are responsible for placing a value on your donation.

Donation Receipt/Tax Record Form

Most donations to Music 4 Minors are tax deductible, but you must maintain a record of contributed items for your tax report. Before you donate, you can pre fill out a Receipt/Tax Record form, then when you meet with one of our representatives they can sign it.

For more information, read IRS Publication 526 for an explanation on the types of contributions you can deduct, how much you can deduct, what records to keep, and how to report charitable contributions.

How much are my items worth?

The U.S. Internal Revenue Service (IRS) requires donors to value their items. Two good resources in helping guide you in determining the value of an item are eBay or Craigslist.  The simplest way to determine value via eBay or Craigslist is to find items similar or the same to what you are donating, that are for sale or items that have already sold, and use that value as the value of what you’re donating.

Determining the Value of Donated Property (IRS Pub 561)

IRS Publication 561 defines “fair market value” and helps donors and appraisers determine the value of property given to qualified organizations. It also explains what kind of information you must have to support the charitable contribution deduction you claim on your return.

Documents Required for IRS

Property worth $500 or less: You must justify the deduction with the receipt provided by Music 4 Minors. The receipt should include the donor’s name, address, date, and a list of items donated.

Property worth more than $500, but not more than $5,000: In addition to the receipt provided by Music 4 Minors, you are required to complete IRS Form 8283, “Non-Cash Charitable Contribution.” This form will contain written records of how the property was acquired, and your cost basis if the property was held less than 12 months. Also, if you are claiming an item worth $500 or more, you must have the item appraised, and save the certificate of appraisal with the receipt in your tax records. Appraisals should be done before items are donated and payment of the appraisal is the responsibility of the donor.

A single item valued at $5,000 or more, or several similar items donated in a single year whose value totals $5,000 or more: This donation must be appraised before the donation is made, and the appraisal must be obtained by the donor. Music 4 Minors does not perform appraisals on any donations.