Donation Receipts FAQ
1. HOW DO DONATION RECEIPTS WORK?
theExchange is a 501 (c)(3) nonprofit organization under Shelter Development.
Donors may claim a tax deduction for items donated to theExchange.
When and where can I get a donation receipt?
Download theExchange Item Donation Receipt
General receipts are available at theExchange warehouse dock doors and in the front entrance area.
theExchange does not provide values ($) for donations it receives. The IRS requires that the donor estimate the fair market value of donated items.
If the item or items together are valued at $500 or more, please email theExchange or get the receipt signed before leaving.
2. WHAT IS THE VALUE OF DONATED ITEMS?
As you add up your generous donations at year-end, you may want some resources for valuing those items for tax purposes. theExchange is happy to provide receipts and documentation of your donation. Thank you for helping us FURNISH HOMES WITH A LITTLE HELP FROM OUR FRIENDS!
Donations accepted by theExchange generally fall into two categories:
Item or items are valued at less than $500 (download receipt or pick up at theExchange when delivering items)
Item or items valued at more than $500. (request signed receipt at time of delivery of items or email the request to us.
For both categories, theExchange provides acknowledgement of receiving the items, but per IRS nonprofit standards, theExchange does not assess the value (or “fair market value”) of the item or items.
3. DETERMINE THE "FAIR MARKET VALUE" OF DONATED ITEMS
While there is no specific formula for determining the fair market value for an item you donate to theExchange, a good rule of thumb is to consider the “selling price” of the item. The IRS defines fair market value as what a consumer would willingly pay for an item if neither the seller nor the buyer was under any duress to make the sale.
4. DEDUCTION OF CERTAIN ITEMS VALUED AT MORE THAN $500
In compliance with IRS Standards, theExchange will send a signed receipt for your donation or you can ask for a signed receipt at time of donation
To obtain this signed receipt, please email your request to firstname.lastname@example.org
The request should include:
date of your donation
description of the items you donated.
Please note, per IRS requirements, theExchange pick-up program fee does not qualify for a tax reimbursement, it is a fee for services and covers fuel, insurance and maintenance expenses.
theExchange does not provide legal or tax advice. For more information on assessing value on donated items, or if you have specific questions about a donated item, please contact your tax preparer, or visit IRS.Gov for more detailed valuation information.
5. IS ALL THIS WORTH THE TIME AND EFFORT?
Since you must itemize your deductions in order to claim them for tax purposes, valuing your items donated may only be worth your while if your total itemized deductions exceed the standard deduction for your filing status for the year. You can’t itemize and use the standard deduction in the same year.
Thank you for helping us FURNISH HOMES WITH A LITTLE HELP FROM OUR FRIENDS! The support of our community helps us furnish homes for community members in need.