Charitable Tax Deduction Calculator
The ultimate compliant valuation tool for US tax deductions. Features a database of 500+ items, IRS limit checks, and instant audit-ready PDF receipt generation.
1. Find Items
Start typing to search our database of over 500 audit-safe valuations.
2. Donation Receipt
| Item | Cond. | Qty | Value | |
|---|---|---|---|---|
| Your donation list is empty. Add items from the left. | ||||
About
When itemizing deductions on Schedule A (Form 1040), the IRS requires taxpayers to determine the Fair Market Value (FMV) of donated property. The burden of proof lies entirely with the donor. Most taxpayers significantly underestimate the value of their donations due to a lack of reliable data, or worse, overestimate and trigger an audit.
This professional-grade calculator solves this friction by integrating a database of over 500 common household items with current market valuation ranges based on Thrift Shop and Consignment averages. It adheres to IRS Publication 561 guidelines, ensuring values reflect the price a willing buyer would pay a willing seller.
Key Advantages:
- Audit Safety: Uses conservative-to-market ranges compliant with IRS expectations.
- Condition Logic: Distinguishes between Good (standard used) and Mint (like new) conditions, affecting value by a factor of k.
- Instant Documentation: Generates a formalized receipt meeting the substantiation requirements for non-cash charitable contributions.
Formulas
The calculator employs a weighted valuation model dependent on the item condition coefficient λ. The total deductible value V is defined as:
Where:
- q is the quantity of item i.
- B is the base market value (Good condition).
- λ is the condition multiplier defined as:
We also check against the AGI limitation rule:
Reference Data
| Category | Item Description | Fair Condition ($) | Good Condition ($) | Excellent Condition ($) |
|---|---|---|---|---|
| Men's Apparel | Suit, Designer (Wool) | 25.00 | 65.00 | 140.00 |
| Women's Apparel | Handbag, Leather (Designer) | 35.00 | 85.00 | 200.00 |
| Electronics | Laptop, i5/i7 (3-5 yrs old) | 50.00 | 120.00 | 250.00 |
| Furniture | Dining Set (Table + 4 Chairs) | 75.00 | 175.00 | 400.00 |
| Appliances | Refrigerator (Working) | 50.00 | 150.00 | 300.00 |
| Musical Inst. | Guitar, Acoustic (Student) | 20.00 | 45.00 | 90.00 |
| Sports | Treadmill (Motorized) | 40.00 | 110.00 | 250.00 |
| Tools | Power Drill (Cordless) | 10.00 | 25.00 | 55.00 |