How to determine the fair market value of used book donations. Their words offer equal power to the first reader and the last. On schedule a, report your deduction as a noncash donation on line 17. Call ahead to see what kind of literature theyre looking for. If youve owned the books for less than one year, you can only deduct what. To help guide you, goodwill industries international has compiled a list providing price ranges for items commonly sold in goodwill stores. In fact, a percentage of the net sale price of every book goes to these great causes.
Guidelines for donating medical books, journals, and media. When considering the purchase of a book for your collection, the condition and, if applicable, the dust jacket are the most important factors affecting the value. Red kettles are hitting the streets of cities across the country and signups for bell ringing shifts are now open. Your used books make a big difference in the lives of americas veterans and their families. To help substantiate a deduction for the fair market value of used items donated to charity, make a list of each item donated on a separate sheet of paper along with the following information. The salvation army accepts used goods donations, including hardback and paperback books.
You wont get a tax break for your book donation unless you itemize on your tax return with schedule a. According to the internal revenue service irs, a taxpayer can deduct the fair market value of clothing, household goods, used furniture, shoes, books and so. I am trying to find the tax value for donating new and used books to charity. Rainbow six 9 by tom clancy 1999, paperback, reprint 4. The friends of the library group accepts donations of new and used hard cover and paperback books, records, cds, and dvds at their sorting center located at 4747 west napoleon avenue in the administration section of the east bank regional library in metairie on tuesdays and thursdays between 9 a. It pays to become familiar with the basic descriptive terms used by used and rare booksellers to communicate a particular book s condition. You kind of do your best estimating, but a tax practitioner can tell you best. Some donated items may be added to the librarys collection, but the great majority are sold to raise money for library programs. Too often they believe that we will find value in five decades worth of. Usually, the fair market value is significantly lower than the original price, so you re better off using thrift stores or secondhand shops to estimate prices than. Your donation value depends on how long youve owned the books and how the charity will use the books.
We personally assess every book s quality and offer rare, outofprint treasures. Learn about the value of your salvation army donation with per item valuation in our handy guide. Value village also accepts donations of accessories, clothing, kitchen items, small furniture, other textiles and more. Getting the most from donations public libraries online. Those donating the books were satisfied with such an appraisal. People tend to drastically underestimate what their donated items are worth. According to united states tax regulations, if you itemize, youre allowed to take the fair market value for all items that you donate to a taxexempt organization. A used book sale fundraiser is a very easy fundraising idea that works well for small groups, schools or churches. For used paperback books that would be thrift store value. We have a huge selection of new and used books to choose from. Internal revenue service irs requires donors to value their items. Jun 04, 2018 you can also donate hardcover and paperback books, as well as magazines, to value village. Some people used to say that the friends book shop in the saratoga springs public library was one of the bestkept secrets.
Guidelines for donating medical books, journals, and media overseas i. Where to donate books you no longer need or sell if you need. Savers value village accepts donations of used goods on behalf of nonprofits, and purchases those goods from the nonprofit, providing them with unrestricted revenue. Use the donation value guide to help determine the approximate taxdeductible value of items commonly donated to the salvation army. The first oxfam bookshop opened in 1971 and weve come a long way since then. If you give used clothing to the salvation army, the fmv would be the. Support small business, the environment and literacy. We strongly suggest you consult your tax professional when preparing to claim your donation. If you give them to a museum that will put them on. Prices begin at just 60 pence plus postage so a bargain is never far away. Text booksscience technology technical books they have highest resale value if the book is prescribed by sale collegeuniversity. Donation value guide to determine the fair market value of items donated to goodwill. Donate used books to habitat for humanity restores in the gta.
Assume the following items are in good condition, and remember. The dust jacket is both the most decorative part of a book, and the most delicate. You donate a used car in poor condition to a local high school for use by students studying car repair. The value of books is usually determined by selecting comparable. Donation value guide 1800satruck 18007287825 the donation value guide below helps you determine the approximate taxdeductible value of some of the more commonly donated items. May 20, 2010 book categories and fair values of used books 1. Thriftbooks sells millions of used books at the lowest everyday prices. Donation valuation guide the following list of typical restore items reflects a suggested range value for determining income tax deductibility. Your vehicle donation will be used to help rehabilitate men and women in our adult rehabilitation centers. We receive donations from publishers, bookstores and individuals. Every book has value whether it is a textbook used in the classroom, a storybook read at home, or an old encyclopedia that is recycled. How to donate books for tax deductions finance zacks. Below is a donation value guide of what items generally sell for at goodwill locations.
Fair market value of each item at the time they were donated see the following list. Usually, the fair market value is significantly lower than the original price, so youre better off using thrift stores or secondhand shops to estimate prices than. Donate used textbooks, like law books or medical books, so that students in a tight financial situation can keep up with their studies. Donate secondhand, used, old and rare books oxfam gb. Dec 12, 2019 in addition, other literacy outreach programs welcome book donations. There is a an unbeatable selection of cheap secondhand books hardback and paperback just waiting for a new home. Publication 1459, actuarial values book gimel pdf other current products. Dec 12, 2019 make a check list that includes the binding type and the items that affect the condition of a book. A book sale is a great way to raise funds without much upfront cost, so lets take a look at how to do a used book sale to raise money for your cause. Valuation guide for taxdeductable donations m martone.
You only get benefit if you itemize your deduction. Books are sold online to help raise funds for awesome nonprofit literacy organizations changing the world through teaching kids, supporting families, building schools and filling libraries. Most hard cover books published since the early 20th century were sold with a dust jacket. If you have many books to donate, ask the organization of your choice if you can arrange for pickup service.
Used booksale donations cuyahoga county public library. Top places to donate used books home storage solutions 101. Donate books and more friends of washoe county libraries. Since 1990, we have given nearly 8 million books to people in need and.
Other local thrift stores also will usually accept book donations. We are not taking books at this time due to covid19 our project depends on donated books to survive. Cheaper than amazon books new and used books free shipping. Books for people accepts a variety of books and the book ends organization asks for childrens book donations see resources. Rather they would give a form to be given to the irs that states the number of hardcover or paperback books and the general condition used new of the books. That also means you have to use the longest tax return form 1040. On average the book can soldbought at 606070%, 75% if its almost like a new some metimes even new books are not in this condition. Clothing should be gentlyused and free of stains and holes.
After youve gotten all your records, report the value of your donation on line 17 of schedule a. No matter how big or small, your donations are needed and appreciated. The value of your donation is based on the fair market value of each item you. Remember that unless a book title is highly desirable, its fair market value is always far less than its retail price, so dont make the mistake of basing your deduction amount on the retail prices of your books. Bear in mind that used books and recorded media are seldom worth more than 5 to 10 cents on the dollar compared to their new price. Your donations are sold by the friends of the library at book sales throughout the year. Click here to see if a goodwill near you needs used books.
Over 60 amazing volunteers help sort, price, and clean donations, stock the shelves, and run the shop which is open seven days a week for a total of 56 hours. Box 1662, baltimore, md 21203, or 4000 buena vista ave. Please be aware that the american library association does not accept, distribute, or coordinate donations of books or any other materials. Though the number of these stores are dwindling, theres still a fair number of shops in toronto dabbling in old books.
Well known to book collectors and booklovers, our site is an excellent resource for discovering a rough value of an old book. About form 8282, donee information return sale, exchange or other disposition of donated property. If the recipient is a nonprofit organization with 501c3 status, donors may be able claim the fair market value of books as a charitable donation on income. Go to a thrift store and see what similar books usually sell for. Donate books with a free donation pickup pickup please. Donation value guide what is my goodwill donation worth. Consider the type of book being donated when deciding on the fair market value. Thank you for your interest in donating used books, dvds and cds to help our local friends of the library groups fund programs for their communities and special items for their libraries. Irs guidelines and information donating to goodwill stores. To make that worth while, your deductions must exceed the.
Please take a moment to read these guidelines before you make a donation. Your used books make a big difference in the lives of kids, veterans and their families. Vt book recycling is mainly interested in books and cds at this time, but may also be open to other items such as dvds, video games, video game consoles and some used and new electronics. There are, however, some general guidelines that can be looked to when trying to determine the value of used books, such as how fair. Just click the schedule a pickup button below, choose a date for your donation pickup, leave your clearly labeled donations outside on the day you choose, and our driver will pick. Get cozy and expand your home library with a large online selection of books at. Libraries are the number one natural place to donate your used. We will gladly accept new or used books, especially paperbacks most prisons do not allow hardcover or spiralbound books. Operation paperback is a national, nonprofit organization, whose volunteers collect gently used books and send them to american troops overseas, as well as veterans and military families here at home. There you have the disclaimer, now, here goes to determine the.
The friends depend on donations of gently used books, dvds, cds, and records to stock our main library bookshop and monthly sales. The salvation army does not set a valuation on your donation. Ive got overflowing bookshelves, auxiliary backups, makeshift pilesascraftytabletops, and a bunch of used books in boxes lining the garage, just waiting to be in their next new home. Drop off your preread books at any of the library branches. Scarce is committed to finding the best use for all books that we receive because they are resources and we dont believe in waste. The donations go to stock the salvation army store, or to provide reading materials for salvation armys homeless shelters. A portion of your donation helps to support local charities in your community. The best book people problem is just having too many books. Staff an adoption location or sort toys and gifts at one of our local angel tree campaigns. Publication 561 022020, determining the value of donated. Please choose a value within this range that reflects your items relative age and quality. Whether donating or buying secondhand they hold the same appeal.
The donation value guide below helps you determine the approximate taxdeductible value of some of the more commonly donated items. Donation value guide the salvation army family stores. Burlington goodwill value centre, 4051 new st at walkers line 9053338989 books, including hardcover and paperbacks in good condition textbooks for change dropoff location. All donations of appliances, electronics and equipment assumed to be working, and all clothing and furniture donations in good condition. Worse, if the group you donate your books to doesnt use your books in achieving its mission, your deduction is limited to the lesser of what you paid for the books or the fair market value. Used book prices are fickle on sites like ebay and amazon, and because there are so many variables that determine a book s appraisal value one copy of a book. Determining the fair market value of used books for the purpose of charitable donations is tricky because there is no formula that can be applied or definitive source on the subject. If you feel the books are more valuable than that like recent college textbooks, you can go to ebay, look up the books you are donating and write down printing would be better the lowest price for each book. The friends depend on donations of gently used books, dvds, cds, vhs tapes, and vinyl records to stock our book sales.
This guide is not all inclusive and may not recognize special circumstances. We sign and date the receipt and allow you to fill in the value of your donation. Based on the grade of the book, come up with a range of of prices that could be considered fair market value. Donation value guide the salvation army usa official. To determine the fair market value of an item not on this list, use 30% of the items original price. The salvation army family stores donation valuation guide. About publication 561, determining the value of donated. A missing dust jacket, or a dust jacket that is in poor condition, can cut a collectible book s value more than.1288 299 1521 946 704 899 555 1121 904 1057 801 797 1318 931 456 240 1450 467 856 437 550 371 278 114 16 667 1454 742 644 1328 1066 72 913 517 252