Publication 561, per the page introduction, “is designed to help donors and appraisers determine the value of the property (other than cash) that is 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.
The passing of assets from one generation to another often brings about the donation of goods and monies. As an example, the bags and boxes of clothes you’re hauling over to the hospital auxiliary to drop off. Not to mention that priceless Rembrandt you’re thinking of donating. By all means, you don’t want to “leave money on the table”. As to what the IRS will allow for charitable deductions – there are guidelines on how and what.
This publication is helpful in determining if your claim will require an appraisal, as there is a published amount that when exceeded, an appraisal may be necessary.
The Factors that Affect Fair Market Value (FMV) is a reference that you may want to be aware of before submitting your claim. The section ‘Valuation of Various Kinds of Property‘ may also be referenced.
Annuities: Annuities, Interests for Life or Terms of Years, Remainders, and Reversions
Cars, boats, and aircraft: Cars, Boats, and Aircraft
Household goods: Household Goods
Interest in a business: Interest in a Business
Jewelry and gems: Jewelry and Gems
Life insurance and annuity contracts: Certain Life Insurance and Annuity Contracts
Paintings, antiques, art objects: Paintings, Antiques, and Other Objects of Art
Partial interest in property: Partial Interest in Property Not in Trust
Real estate: Real Estate
Remainder interests: Annuities, Interests for Life or Terms of Years, Remainders, and Reversions
Reversion interests: Annuities, Interests for Life or Terms of Years, Remainders, and Reversions
Stocks and bonds: Stocks and Bonds
Terms of years: Annuities, Interests for Life or Terms of Years, Remainders, and Reversions
Used clothing: Used Clothing