Tax Deduction for Donating Glasses to Charity

how much tax deduction for donation

Donating an old pair of eyeglasses can bring joy and tax relief.

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Many people take for granted either their eyesight or their access to eyeglasses to correct their vision. However, not everyone is as lucky, so some charities collect donated glasses to spread the gift of sight to the less fortunate. If you're giving away your old glasses, you might qualify for a tax deduction.

Qualified Charities

Just because you're giving away an old pair of eyeglasses doesn't mean they're going to a qualified charity. Only eyeglasses donated to qualified charities, like religious organizations, nonprofit schools or hospitals, and public charities like the Boys and Girls Club or Goodwill Industries, count toward a tax deduction. If you give them to a nonqualified organization or a specific person, you don't get a deduction. If you have doubts, ask the organization if it qualifies or search IRS Exempt Organizations Select Check, an online database of qualified charities.

Donation Deduction Amount

You can deduct the fair market value of your glasses on your taxes -- what a willing buyer would pay a willing seller. The IRS doesn't set a specific value for donated glasses, so it's up to you to estimate the value, such as by looking at thrift stores to see what similar glasses would cost. For example, if you could sell the glasses for $50, you could claim a $50 deduction when you donate them.

Receipts

The IRS almost always requires you to get a receipt for your donation before you file your tax return if you want to claim the deduction; the only exception is when the glasses are worth less than $250 and it's "impractical" to get a receipt, such as if you leave the glasses at a drop site. Otherwise, without a receipt showing the name of the charity, the date you donated the glasses and a description of the glasses, you're not allowed to take a deduction.

Reporting Donated Eyeglasses

Source: finance.zacks.com

Category: Taxes

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