Valuing Your Donations for Tax Purposes

One of the benefits of donating your gently used, sellable items to the ReStore is keeping these items out of the landfill, giving them a second chance at life. You can declutter your spaces, tidy up your territory and still help others while you do that.  The biggest benefit is that your donation helps the ReStore provide financial support to Cheboygan County Habitat for Humanity’s mission to build or rehab safe, affordable houses for partner families right here in our community. Cheboygan Habitat also participates in critical home repair and Hospice ramp programs. 

Whether your items are dropped off at the ReStore or picked up by our drivers, each donor is provided with an itemized donation slip at the time of the donation.  Donors can use this information as a deduction when filing yearly income taxes.  The ReStore does not provide a value for your donated items, that part falls to you or your accountant, but there are resources available online that can help you properly value your donations as a tax deduction.

A simple way to start is by doing a Google search and looking for “valuing donated goods for tax purposes.”  You will find many links to solid information, rules and guidelines to properly find donation values.  The best place to start is this link from the IRS.

Publication 561 (02/2024), Determining the Value of Donated Property | Internal Revenue Service (irs.gov)  or  Publication 561 (Rev. February 2024) (irs.gov)

Once you know the rules, you are ready to get started.  Here are a few good links, though there are many more out there, to help you with values.  

The Salvation Army Thrift Stores | Donation Valuation Guide (satruck.org)

Donation value guide - Goodwill NNE

Donation value guide for 2022 | Bankrate

Valuation Guide For Donated Items (billbrabble.com)

Form 8283 (Rev. December 2023) (irs.gov)

In a nutshell, keep your donation receipts together until you are ready to put them to good use.  Use the great information out there to value the items you have donated.  Print out and complete Form 8283 if your donated goods are valued over $500.00.  And lastly, your donations can do a tremendous amount of good in our community.  We thank you for thinking of Cheboygan County Habitat when it’s time to empty a house, down-size, tidy up or just update.

-Melissa Tallman, Operations Manager